ASSESSMENT AREA 4 LEGAL DESCRIPTION 

 

 

THE NORTH 3/4 OF THE NW 1/4 OF THE SE 1/4 OF SECTION 16, TOWNSHIP 26 SOUTH, RANGE 
27 EAST, POLK COUNTY, FLORIDA ; TOGETHER WITH THE RIGHT TO INGRESS AND EGRESS OVER 
THE SOUTH 50 FEET OF THE NE 1/4 OF THE SE 1/4 OF SECTION 16, AND THE EAST 50 FEET 
OF THE S 1/4 OF THE NW 1/4 OF THE SE 1/4 OF SECTION 16, TOWNSHIP 26 SOUTH, RANGE 27 
EAST, POLK COUNTY, FLORIDA 

 

THE ABOVE DESCRIBED PARCEL CONTAINING 30.02 ACRES OF LAND MORE OR LESS, AND: 

A PARCEL OF LAND LOCATED IN THE SE ¼ OF SECTION 1 6, TOWNSHIP 

26 SOUTH, RANGE 27 EAST, POLK COUNTY, FLORIDA, BEING A PORTION OF 
LANDS DESCRIBED IN OFFICIAL RECORDS BOOK 2701, PAGE 852, PUBLIC 
RECORDS OF POLK COUNTY, FLORIDA, AND BEING MORE PARTICULARLY 
DESCRIBED AS FOLLOWS: 

 

COMMENCE AT THE NORTHEAST CORNER OF THE SE ¼ OF SAID SECTION 1 
6; THENCE ALONG THE EAST LINE OF THE SE ¼ OF SAID SECTION 1 6, 

S00°03' 1O" E, A DISTANCE OF 1208.78 FEET TO THE NORTH RIGHT-OF-WAY 
LINE OF ERNIE CALDWELL BOULEVARD (VARIABLE-WIDTH PUBLIC RIGHT OF WAY 
PER OFFICIAL RECORDS BOOK 7777, PAGE 1349, PUBLIC RECORDS OF POLK 
COUNTY, FLORIDA); THENCE ALONG SAID NORTH RIGHT-OF-WAY LINE THE 
FOLLOWING THREE (3) COURSES: 1) S89°41' 25"W, A DISTANCE OF 1094.25 FEET; 
2) S00°18'35 "E , A DISTANCE OF 32.00 FEET; 3) S89°41 ' 25"W, A DISTANCE OF 
673.85 FEET TO THE POINT OF BEGINNING; 

 

THENCE CONTINUE ALONG SAID NORTH RIGHT-OF-WAY LINE, S89°41 ' 25"W, A 
DISTANCE OF 145.00 FEET TO THE EAST LINE OF PARCEL 227 PART B AS 
DESCRIBED IN OFFICIAL RECORDS BOOK 7777, PAGE 1349, PUBLIC RECORDS OF 
POLK COUNTY, FLORIDA; THENCE ALONG SAID EAST LINE THE FOLLOWING 
TWO (2) COURSES: 1) NOQ° 1 8' 3 5 "W, A DISTANCE OF 31.80 FEET; 2) N24°38'58"W, 
A DISTANCE OF 241.81 TO THE SOUTH LINE OF LANDS DESCRIBED IN OFFICIAL 
RECORDS BOOK 6637, PAGE 1179, PUBLIC RECORDS OF POLK COUNTY, 
FLORIDA; THENCE ALONG SAID SOUTH LINE, N89°45' 05" E , A DISTANCE OF 220.00 
FEET; THENCE LEAVING SAID SOUTH LINE, S00°13'47"E, A DISTANCE OF 226.88 
FEET; THENCE S45°17'07"E, A DISTANCE OF 35.34 FEET TO THE POINT OF 
BEGINNING. 

 

THE ABOVE DESCRIBED PARCEL CONTAINING 0.95 ACRES OF LAND, MORE 
OR LESS, WITH THE TWO DESCRIBED PARCELS TOGETHER TOTALLING 30.97 
ACRES, MORE OR LESS. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

EXHIBIT 8A 

 

Assessment Area 4 Legal Description 

 


4900 DUNDEE ROAD WINTER HAVEN, FL 33884 
OFFICE: (863) 676-7770 FAX: (863) 965-0181 

 


PAGE 1 OF 1 

 


 

 


 

 

 

 

ASTONIA 

COMMUNITY DEVELOPMENT DISTRICT 

 

 

 

SUPPLEMENTAL ENGINEER’S REPORT 

FOR 

ASSESSMENT AREA FOUR BONDS 

 

 

Prepared For 

 

 

BOARD OF SUPERVISORS 
Of The 

ASTONIA COMMUNITY DEVELOPMENT DISTRICT 

 

 

Prepared by: 

 

 

Hunter Engineering, Inc. 

4900 Dundee Road 

Winter Haven, FL 33884 

863-676-7770 

 

October 11, 2023 

 
______________________________ 

Bryan Hunter, P.E. 
FL Registration No. 53168 

FL CA No. 8394 


AMENDED AND RESTATED ENGINEER’S REPORT 

ASTONIA COMMUNITY DEVELOPMENT DISTRICT 

 

TABLE OF CONTENTS 

I. PURPOSE ............................................................................................................................. 4 
II. SUMMARY OF PROBABLE COST ........................................................................................... 5 
III. ASSESSMENT AREA 4 (PHASE 6) LEGAL DESCRIPTION ......................................................... 6 
IV. PHASING MAP ..................................................................................................................... 6 


 

LIST OF EXHIBITS 

 

COMPOSITE EXHIBIT 7 - Summary of Probable Cost 

EXHIBIT 8A - Assessment Area 4 (Phase 6) Legal Description 

EXHIBIT 9 - Phasing Map 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


SUPPLEMENTAL ENGINEER’S REPORT FOR ASSESSMENT AREA FOUR BONDS 

ASTONIA COMMUNITY DEVELOPMENT DISTRICT 

 

 

I. PURPOSE 


 

The purpose of this Supplemental Engineer’s Report for Assessment Area Four Bonds (the 
“Report”) is to amend the Amended and Restated Engineer’s Report of Capital Improvements, 
dated April 8, 2022 (the “Master Report”) which was amended by the Supplemental Engineer’s 
Report for Assessment Area Three Bonds dated April 12, 2023 (Supplemental Report for AA3). 
The Supplemental Report for AA3 described development occurring in six phases, with the bonds 
being issued for Assessment Area 3 intended for the development of Phase 5 (232 Townhomes). 
This Supplemental Report for Assessment Area Four, addresses in more detail the capital 
improvements needed for Phase 6 which includes the development of 168 Townhome Lots. 
Included in this Report is an amendment to Composite Exhibit 7 (Summary of Probable Cost), a 
new Exhibit 8 setting forth a legal description for Assessment Area Four. Exhibit 9 providing a 
map depicting the six phases of development is also included herein, but has not been revised 
from the prior maps. 


II. COMPOSITE EXHIBIT 7 (SUMMARY OF PROBABLE COSTS) 


The Summary of Probable Cost table (Composite Exhibit 7) has been updated to reflect changes 
in the estimated probable cost for the Phase 6 improvements. The total number of units planned 
for Phase 6 (168 Townhomes) has not changed. The Summary of Proposed District Facilities set 
forth in Composite Exhibit 7 has not changed. 


III. EXHIBIT 8A (ASSESSMENT AREA 4 LEGAL DESCRIPTION) 

 

A new exhibit has been added to provide the legal description for Assessment Area Four (Phase 6 
– 168 Townhome Lots). 

 

 


IV. EXHBIT 9 (PHASING MAP) 


 

Exhibit 9, which depicts the locations of the development phases identified in the Summary of 
Probable Cost, is included herein but no revisions were necessary. 

 


Composite Exhibit 7 

Astonia Community Development District 

Summary of Probable Cost 

 

Infrastructure (1)(9) 

Phase 1 

 (2020-2021) 

 Existing District 

191 Lots (10) 

Phase 2 

(2021-2022) 

 Existing District 

306 Lots (11) 

Phase 3 

(2021-2022) 

Existing District 

184 Lots (12) 

Phase 4 

(2021-2022) 

Expansion 

332 LOTS (13) 

Phase 5 

(2022-2023) 

Expansion 

232 Townhome Lots 

Phase 6 

(2023-2024) 

Expansion 

168 Townhome Lots 

Total 

1,413 Lots (14) 

Offsite Improvements (5)(6) 

$ 650,000.00 

$1,050,000.00 

$ 600,000.00 

$ 200,000.00 

$232,000.00 

$188,000.00 

$ 2,920,000.00 

Stormwater Management (2)(3)(5)(6) 

$1,350,000.00 

$2,160,000.00 

$1,290,000.00 

$2,300,000.00 

$1,856,000.00 

$1,848,000.00 

$10,804,000.00 

Utilities (Water, Sewer, & Street 
Lighting) (5)(6) (8) 

$1,320,000.00 

$2,120,000.00 

$1,260,000.00 

$2,300,000.00 

$2,088,000.00 

$2,016,000.00 

$11,104,000.00 

Roadway (4)(5)(6) 

$ 790,000.00 

$1,260,000.00 

$ 750,000.00 

$1,370,000.00 

$1,392,000.00 

$1,680,000.00 

$7,242,000.00 

Entry Feature (6)(7) 

$ 310,000.00 

$ 495,000.00 

$ 295,000.00 

$ 530,000.00 

$150,000.00 

$250,000.00 

$2,030,000.00 

Parks and Recreational Facilities 
(1)(6) 

$ 450,000.00 

$ 720,000.00 

$ 430,000.00 

$ 720,000.00 

$150,000.00 

$250,000.00 

$2,720,00.00 

Contingency 

$ 210,000.00 

$ 345,000.00 

$ 245,000.00 

$ 400,000.00 

$586,800 

$623,200.00 

$2,410,000.00 

TOTAL 

$5,080,000.00 

$8,150,000.00 

$4,870,000.00 

$7,820,000.00 

$6,454,800.00 

$6,855,200.00 

$39,230,000.00 



 

Notes: 

1. Infrastructure consists of offsite improvements, public roadway improvements, stormwater management facilities, master sanitary sewer lift station 
and utilities, entry features, landscaping and signage, and parks and recreational facilities. 
2. Excludes grading of each lot both for initial pad construction, lot finishing in conjunction with home construction, which will be provided by 
developer or homebuilder. 
3. Includes stormwater pond excavation. Costs do not include transportation to or placement of fill on private property. 
4. Includes sub-grade, base, asphalt paving, curbing, and civil/site engineering. 
5. Includes subdivision infrastructure and civil/site engineering. 
6. Estimates are based on 2023 cost (Ph 6). 
7. Includes entry features, signage, hardscape, landscape, irrigation and buffer fencing. 
8. CDD will enter into a Lighting Agreement with Duke Energy for the street light poles and lighting service. Only the incremental cost of 
undergrounding of wire in public right-of-way and on District land is included. 
9. Estimates based on Master Infrastructure to support development of 1,413 lots. 
10. 73 – 40 foot wide lots and 118 - 50 foot wide lots 
11. 143 – 40 foot wide lots and 163 – 50 foot wide lots 
12. 73 – 40 foot wide lots and 111 – 50 foot wide lots 
13. 139 – 40 foot wide lots and 193 - 50 foot wide lots. 
14. 428 – 40 foot wide lots, 585 – 50 foot wide lots, and 400 townhome lots. 



ASSESSMENT AREA 4 LEGAL DESCRIPTION 

 

 

THE NORTH 3/4 OF THE NW 1/4 OF THE SE 1/4 OF SECTION 16, TOWNSHIP 26 SOUTH, RANGE 
27 EAST, POLK COUNTY, FLORIDA ; TOGETHER WITH THE RIGHT TO INGRESS AND EGRESS OVER 
THE SOUTH 50 FEET OF THE NE 1/4 OF THE SE 1/4 OF SECTION 16, AND THE EAST 50 FEET 
OF THE S 1/4 OF THE NW 1/4 OF THE SE 1/4 OF SECTION 16, TOWNSHIP 26 SOUTH, RANGE 27 
EAST, POLK COUNTY, FLORIDA 

 

THE ABOVE DESCRIBED PARCEL CONTAINING 30.02 ACRES OF LAND MORE OR LESS, AND: 

A PARCEL OF LAND LOCATED IN THE SE ¼ OF SECTION 1 6, TOWNSHIP 

26 SOUTH, RANGE 27 EAST, POLK COUNTY, FLORIDA, BEING A PORTION OF 
LANDS DESCRIBED IN OFFICIAL RECORDS BOOK 2701, PAGE 852, PUBLIC 
RECORDS OF POLK COUNTY, FLORIDA, AND BEING MORE PARTICULARLY 
DESCRIBED AS FOLLOWS: 

 

COMMENCE AT THE NORTHEAST CORNER OF THE SE ¼ OF SAID SECTION 1 
6; THENCE ALONG THE EAST LINE OF THE SE ¼ OF SAID SECTION 1 6, 

S00°03' 1O" E, A DISTANCE OF 1208.78 FEET TO THE NORTH RIGHT-OF-WAY 
LINE OF ERNIE CALDWELL BOULEVARD (VARIABLE-WIDTH PUBLIC RIGHT OF WAY 
PER OFFICIAL RECORDS BOOK 7777, PAGE 1349, PUBLIC RECORDS OF POLK 
COUNTY, FLORIDA); THENCE ALONG SAID NORTH RIGHT-OF-WAY LINE THE 
FOLLOWING THREE (3) COURSES: 1) S89°41' 25"W, A DISTANCE OF 1094.25 FEET; 
2) S00°18'35 "E , A DISTANCE OF 32.00 FEET; 3) S89°41 ' 25"W, A DISTANCE OF 
673.85 FEET TO THE POINT OF BEGINNING; 

 

THENCE CONTINUE ALONG SAID NORTH RIGHT-OF-WAY LINE, S89°41 ' 25"W, A 
DISTANCE OF 145.00 FEET TO THE EAST LINE OF PARCEL 227 PART B AS 
DESCRIBED IN OFFICIAL RECORDS BOOK 7777, PAGE 1349, PUBLIC RECORDS OF 
POLK COUNTY, FLORIDA; THENCE ALONG SAID EAST LINE THE FOLLOWING 
TWO (2) COURSES: 1) NOQ° 1 8' 3 5 "W, A DISTANCE OF 31.80 FEET; 2) N24°38'58"W, 
A DISTANCE OF 241.81 TO THE SOUTH LINE OF LANDS DESCRIBED IN OFFICIAL 
RECORDS BOOK 6637, PAGE 1179, PUBLIC RECORDS OF POLK COUNTY, 
FLORIDA; THENCE ALONG SAID SOUTH LINE, N89°45' 05" E , A DISTANCE OF 220.00 
FEET; THENCE LEAVING SAID SOUTH LINE, S00°13'47"E, A DISTANCE OF 226.88 
FEET; THENCE S45°17'07"E, A DISTANCE OF 35.34 FEET TO THE POINT OF 
BEGINNING. 

 

THE ABOVE DESCRIBED PARCEL CONTAINING 0.95 ACRES OF LAND, MORE 
OR LESS, WITH THE TWO DESCRIBED PARCELS TOGETHER TOTALLING 30.97 
ACRES, MORE OR LESS. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

EXHIBIT 8A 

 

Assessment Area 4 Legal Description 

 


4900 DUNDEE ROAD WINTER HAVEN, FL 33884 
OFFICE: (863) 676-7770 FAX: (863) 965-0181 

 


PAGE 1 OF 1 

 


ASSESSMENT AREA 4 LEGAL DESCRIPTION 

 

 

THE NORTH 3/4 OF THE NW 1/4 OF THE SE 1/4 OF SECTION 16, TOWNSHIP 26 SOUTH, RANGE 
27 EAST, POLK COUNTY, FLORIDA ; TOGETHER WITH THE RIGHT TO INGRESS AND EGRESS OVER 
THE SOUTH 50 FEET OF THE NE 1/4 OF THE SE 1/4 OF SECTION 16, AND THE EAST 50 FEET 
OF THE S 1/4 OF THE NW 1/4 OF THE SE 1/4 OF SECTION 16, TOWNSHIP 26 SOUTH, RANGE 27 
EAST, POLK COUNTY, FLORIDA 

 

THE ABOVE DESCRIBED PARCEL CONTAINING 30.02 ACRES OF LAND MORE OR LESS, AND: 

A PARCEL OF LAND LOCATED IN THE SE ¼ OF SECTION 1 6, TOWNSHIP 

26 SOUTH, RANGE 27 EAST, POLK COUNTY, FLORIDA, BEING A PORTION OF 
LANDS DESCRIBED IN OFFICIAL RECORDS BOOK 2701, PAGE 852, PUBLIC 
RECORDS OF POLK COUNTY, FLORIDA, AND BEING MORE PARTICULARLY 
DESCRIBED AS FOLLOWS: 

 

COMMENCE AT THE NORTHEAST CORNER OF THE SE ¼ OF SAID SECTION 1 
6; THENCE ALONG THE EAST LINE OF THE SE ¼ OF SAID SECTION 1 6, 

S00°03' 1O" E, A DISTANCE OF 1208.78 FEET TO THE NORTH RIGHT-OF-WAY 
LINE OF ERNIE CALDWELL BOULEVARD (VARIABLE-WIDTH PUBLIC RIGHT OF WAY 
PER OFFICIAL RECORDS BOOK 7777, PAGE 1349, PUBLIC RECORDS OF POLK 
COUNTY, FLORIDA); THENCE ALONG SAID NORTH RIGHT-OF-WAY LINE THE 
FOLLOWING THREE (3) COURSES: 1) S89°41' 25"W, A DISTANCE OF 1094.25 FEET; 
2) S00°18'35 "E , A DISTANCE OF 32.00 FEET; 3) S89°41 ' 25"W, A DISTANCE OF 
673.85 FEET TO THE POINT OF BEGINNING; 

 

THENCE CONTINUE ALONG SAID NORTH RIGHT-OF-WAY LINE, S89°41 ' 25"W, A 
DISTANCE OF 145.00 FEET TO THE EAST LINE OF PARCEL 227 PART B AS 
DESCRIBED IN OFFICIAL RECORDS BOOK 7777, PAGE 1349, PUBLIC RECORDS OF 
POLK COUNTY, FLORIDA; THENCE ALONG SAID EAST LINE THE FOLLOWING 
TWO (2) COURSES: 1) NOQ° 1 8' 3 5 "W, A DISTANCE OF 31.80 FEET; 2) N24°38'58"W, 
A DISTANCE OF 241.81 TO THE SOUTH LINE OF LANDS DESCRIBED IN OFFICIAL 
RECORDS BOOK 6637, PAGE 1179, PUBLIC RECORDS OF POLK COUNTY, 
FLORIDA; THENCE ALONG SAID SOUTH LINE, N89°45' 05" E , A DISTANCE OF 220.00 
FEET; THENCE LEAVING SAID SOUTH LINE, S00°13'47"E, A DISTANCE OF 226.88 
FEET; THENCE S45°17'07"E, A DISTANCE OF 35.34 FEET TO THE POINT OF 
BEGINNING. 

 

THE ABOVE DESCRIBED PARCEL CONTAINING 0.95 ACRES OF LAND, MORE 
OR LESS, WITH THE TWO DESCRIBED PARCELS TOGETHER TOTALLING 30.97 
ACRES, MORE OR LESS. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

EXHIBIT 8A 

 

Assessment Area 4 Legal Description 

 


4900 DUNDEE ROAD WINTER HAVEN, FL 33884 
OFFICE: (863) 676-7770 FAX: (863) 965-0181 

 


PAGE 1 OF 1 

 


ASSESSMENT AREA 4 LEGAL DESCRIPTION 

 

 

THE NORTH 3/4 OF THE NW 1/4 OF THE SE 1/4 OF SECTION 16, TOWNSHIP 26 SOUTH, RANGE 
27 EAST, POLK COUNTY, FLORIDA ; TOGETHER WITH THE RIGHT TO INGRESS AND EGRESS OVER 
THE SOUTH 50 FEET OF THE NE 1/4 OF THE SE 1/4 OF SECTION 16, AND THE EAST 50 FEET 
OF THE S 1/4 OF THE NW 1/4 OF THE SE 1/4 OF SECTION 16, TOWNSHIP 26 SOUTH, RANGE 27 
EAST, POLK COUNTY, FLORIDA 

 

THE ABOVE DESCRIBED PARCEL CONTAINING 30.02 ACRES OF LAND MORE OR LESS, AND: 

A PARCEL OF LAND LOCATED IN THE SE ¼ OF SECTION 1 6, TOWNSHIP 

26 SOUTH, RANGE 27 EAST, POLK COUNTY, FLORIDA, BEING A PORTION OF 
LANDS DESCRIBED IN OFFICIAL RECORDS BOOK 2701, PAGE 852, PUBLIC 
RECORDS OF POLK COUNTY, FLORIDA, AND BEING MORE PARTICULARLY 
DESCRIBED AS FOLLOWS: 

 

COMMENCE AT THE NORTHEAST CORNER OF THE SE ¼ OF SAID SECTION 1 
6; THENCE ALONG THE EAST LINE OF THE SE ¼ OF SAID SECTION 1 6, 

S00°03' 1O" E, A DISTANCE OF 1208.78 FEET TO THE NORTH RIGHT-OF-WAY 
LINE OF ERNIE CALDWELL BOULEVARD (VARIABLE-WIDTH PUBLIC RIGHT OF WAY 
PER OFFICIAL RECORDS BOOK 7777, PAGE 1349, PUBLIC RECORDS OF POLK 
COUNTY, FLORIDA); THENCE ALONG SAID NORTH RIGHT-OF-WAY LINE THE 
FOLLOWING THREE (3) COURSES: 1) S89°41' 25"W, A DISTANCE OF 1094.25 FEET; 
2) S00°18'35 "E , A DISTANCE OF 32.00 FEET; 3) S89°41 ' 25"W, A DISTANCE OF 
673.85 FEET TO THE POINT OF BEGINNING; 

 

THENCE CONTINUE ALONG SAID NORTH RIGHT-OF-WAY LINE, S89°41 ' 25"W, A 
DISTANCE OF 145.00 FEET TO THE EAST LINE OF PARCEL 227 PART B AS 
DESCRIBED IN OFFICIAL RECORDS BOOK 7777, PAGE 1349, PUBLIC RECORDS OF 
POLK COUNTY, FLORIDA; THENCE ALONG SAID EAST LINE THE FOLLOWING 
TWO (2) COURSES: 1) NOQ° 1 8' 3 5 "W, A DISTANCE OF 31.80 FEET; 2) N24°38'58"W, 
A DISTANCE OF 241.81 TO THE SOUTH LINE OF LANDS DESCRIBED IN OFFICIAL 
RECORDS BOOK 6637, PAGE 1179, PUBLIC RECORDS OF POLK COUNTY, 
FLORIDA; THENCE ALONG SAID SOUTH LINE, N89°45' 05" E , A DISTANCE OF 220.00 
FEET; THENCE LEAVING SAID SOUTH LINE, S00°13'47"E, A DISTANCE OF 226.88 
FEET; THENCE S45°17'07"E, A DISTANCE OF 35.34 FEET TO THE POINT OF 
BEGINNING. 

 

THE ABOVE DESCRIBED PARCEL CONTAINING 0.95 ACRES OF LAND, MORE 
OR LESS, WITH THE TWO DESCRIBED PARCELS TOGETHER TOTALLING 30.97 
ACRES, MORE OR LESS. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

EXHIBIT 8A 

 

Assessment Area 4 Legal Description 

 


4900 DUNDEE ROAD WINTER HAVEN, FL 33884 
OFFICE: (863) 676-7770 FAX: (863) 965-0181 

 


PAGE 1 OF 1 

 


 

 

 

 

 

 

Arbitrage Rebate Computation 

Proposal For 

 

Astonia 

Community Development District 

 

(Polk County, Florida) 

 

$3,830,000 Special Assessment Bonds, 

Series 2020 (Assessment Area One Project) 

 

$10,065,000 Special Assessment Bonds, 

Series 2021 (Assessment Area Two Project) 

 

$7,155,000 Special Assessment Bonds, Series 2021 
(North Parcel Assessment Area Project) 

 

$4,165,000 Special Assessment Bonds, Series 2023 
(Assessment Area Three Project) 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



September 11, 2023 

 

 

Astonia Community Development District 

 c/o Ms. Katie Costa 

Director of Accounting Services 

Government Management Services – CF, LLC 

6200 Lee Vista Boulevard, Suite 300 

Orlando, FL 32822 

 

 

Re: 

Astonia Community Development District (Polk County, Florida), Tax-Exempt Bond Issues: 

 

$3,830,000 Special Assessment Bonds, Series 2020 (Assessment Area One Project) 

$10,065,000 Special Assessment Bonds, Series 2021 (Assessment Area Two Project) 

$7,155,000 Special Assessment Bonds, Series 2021 (North Parcel Assessment Area Project) 

$4,165,000 Special Assessment Bonds, Series 2023 (Assessment Area Three Project) 

 

 

 



Dear Ms. Costa: 

 

AMTEC is an independent consulting firm that specializes in arbitrage rebate calculations. We have the 
ability to complete rebate computations for the above-referenced Astonia Community Development 
District (the “District”) tax-exempt bond issues (the “Bonds”). We do not sell investments or seek an 
underwriting role. As a result of our specialization, we offer very competitive pricing for rebate 
computations. Our typical fee averages less than $1,000 per year, per issue and includes up to five years 
of annual rebate liability reporting. 

 

Firm History 

 

AMTEC was incorporated in 1990 and maintains a prominent client base of colleges and universities, 
school districts, hospitals, cities, state agencies and small-town bond issuers throughout the United States. 
We currently compute rebate for more than 7,300 bond issues and have delivered thousands of rebate 
reports. The IRS has never challenged our findings. 

 

Southeast Client Base 

 

We provide arbitrage rebate services to over 400 bond issues aggregating more than $10 billion of taxexempt 
debt in the southeastern United States. We have recently performed computations for the 
Magnolia West, East Park, Palm Coast Park, Windward and Town Center at Palm Coast Park Community 
Development Districts. Additionally, we are exclusive rebate consultant to Broward County and the Town 
of Palm Beach in Florida. Nationally, we are rebate consultants for the City of Tulsa (OK), the City of 
Lubbock (TX) and the States of Connecticut, Montana, Mississippi, West Virginia, Vermont and Alaska. 

We have prepared a Proposal for the computation of arbitrage for the District’s Bonds. 

 

We have established “bond year ends" based upon the anniversary of the closing date for each series of 
Bonds. 


Proposal 

 

We are proposing rebate computation services based on the following: 

 

• $3,830,000 Special Assessment Bonds, Series 2020 (Assessment Area One Project) 
• $10,065,000 Special Assessment Bonds, Series 2021 (Assessment Area Two Project) 
• $7,155,000 Special Assessment Bonds, Series 2021 (North Parcel Assessment Area Project) 
• $4,165,000 Special Assessment Bonds, Series 2023 (Assessment Area Three Project) 
• Fixed Rate Debt 
• Acquisition & Construction, Debt Service Reserve, Cost of Issuance & Debt Service Accounts. 


 

Should the Tax Agreements require rebate computations for any other accounts, computations will be 
extended to include those accounts at no additional cost to the District. 

 

Our guaranteed fee for rebate computations for the Bonds is $450 per year and will encompass all activity 
from the dates of the closing through the initial Computation Dates. The fee is based upon the size as well 
as the complexity. Our fee is payable upon your acceptance of our rebate reports, which will be delivered 
shortly after the report dates specified in the following tables. 

 

 AMTEC Professional Fee – $3,830,000 Special Assessment Bonds, Series 2020 (AA One Project) 

 

Report Date 

Type of Report 

Period Covered 

Fee 

 

July 31, 2023 

 

Rebate and Opinion 

Closing – September 30, 2022 

($450/Year x 2 Years of Activity) 

 

$ 900 

September 30, 2023 

Rebate and Opinion 

Closing – September 30, 2023 

$ 450 

September 30, 2024 

Rebate and Opinion 

Closing – September 30, 2024 

$ 450 

September 24, 2025 

Rebate and Opinion 

Closing – September 24, 2025 

$ 450 



 

AMTEC Professional Fee – $10,065,000 Special Assessment Bonds, Series 2021 (AA Two Project) 

 

Report Date 

Type of Report 

Period Covered 

Fee 

 

July 31, 2023 

 

Rebate and Opinion 

Closing – July 31, 2023 

($450/Year x 2 Years of Activity) 

 

$ 900 

July 31, 2024 

Rebate and Opinion 

Closing – July 31, 2024 

$ 450 

July 31, 2025 

Rebate and Opinion 

Closing – July 31, 2025 

$ 450 

July 20, 2026 

Rebate and Opinion 

Closing – July 20, 2026 

$ 450 



 

AMTEC Professional Fee – $7,155,000 Spec. Assessment Bonds, Series 2021(N.Parcel AA Project) 

 

Report Date 

Type of Report 

Period Covered 

Fee 

 

July 31, 2023 

 

Rebate and Opinion 

Closing – July 31, 2023 

($450/Year x 2 Years of Activity) 

 

$ 900 

July 31, 2024 

Rebate and Opinion 

Closing – July 31, 2024 

$ 450 

July 31, 2025 

Rebate and Opinion 

Closing – July 31, 2025 

$ 450 

July 20, 2026 

Rebate and Opinion 

Closing – July 20, 2026 

$ 450 



 


AMTEC Professional Fee – $4,165,000 Special Assessment Bonds, Series 2023 (AA Three Project) 

 

Report Date 

Type of Report 

Period Covered 

Fee 

May 31, 2024 

Rebate and Opinion 

Closing – May 31, 2024 

$ 450 

May 31, 2025 

Rebate and Opinion 

Closing – May 31, 2025 

$ 450 

May 31, 2026 

Rebate and Opinion 

Closing – May 31, 2026 

$ 450 

May 31, 2027 

Rebate and Opinion 

Closing – May 31, 2027 

$ 450 

May 23, 2028 

Rebate and Opinion 

Closing – May 23, 2028 

$ 450 



 

In order to begin, we are requesting copies of the following documentation for each series of Bonds: 

 

1. Arbitrage Certificate or Tax Regulatory Agreement 
2. IRS Form 8038-G 
3. Closing Memorandum 
4. US Bank statements for all accounts from the date of each closing, through each report date 


 

AMTEC's Scope of Services 

 

Our standard engagement includes the following services: 

 

• Review of all bond documents and account statements for possible rebate exceptions; 


 

• Computation of the rebate liability and/or the yield restricted amount, in accordance with Section 
148 of the Internal Revenue Code, commencing with the date of the closing through required 
reporting date of the Bonds; 


 

• Independent calculation of the yield on the Bonds to ensure the correct basis for any rebate 
liability. This effort provides the basis for our unqualified opinion; 


 

• Reconciliation of the sources and uses of funds from the bond documentation; 


 

• Calculation and analysis of the yield on all investments, subject to the Regulations, for each 
computation period; 


 

• Production of rebate reports, indicating the above stated information, and the issuance of the 
AMTEC Opinion; 


 

• Recommendations for proactive rebate management; 


 

• Commingled funds, transferred proceeds and yield restriction analyses, if necessary; 


 

• Preparation of IRS Form 8038-T and any accompanying documentation, should a rebate payment 
be required; 


 

• We will discuss the results of our Reports with you, your auditors, and our continued support in 
the event of an IRS inquiry; and 


 

• We guarantee the completeness and accuracy of our work. 


 

 

The District agrees to furnish AMTEC with the required documentation necessary to fulfill its obligation 
under the scope of services. The District will make available staff knowledgeable about the bond 
transactions, investments and disbursements of bond proceeds. 


 

The District agrees to pay AMTEC its fee after it has been satisfied that the scope of services, as outlined 
under the Proposal, has been fulfilled. AMTEC agrees that its fee is all-inclusive and that it will not charge 
the District for any expenses connected with this engagement. 

 

The parties have executed this Agreement on ___________________, 2023. 

 

 

 

Astonia 

Community Development District 

Consultant: American Municipal Tax-Exempt 
Compliance Corporation 

 

 

By: 

 

By: 

Michael J. Scarfo 

Senior Vice President 

 

 

 

 



 


 


 

 

REBATE REPORT 

 

$3,830,000 

 

Astonia Community Development District 

 

(Polk County, Florida) 

 

Special Assessment Bonds, Series 2020 

 

(Assessment Area One Project) 

 

 

 

 

 

 

 

Dated: September 24, 2020 

Delivered: September 24, 2020 

__________________________________ 

 

Rebate Report to the Computation Date 

September 24, 2025 

Reflecting Activity Through 

July 31, 2023 

 

 

 


 


 

 

TABLE OF CONTENTS 

 

 

 

AMTEC Opinion 

3 

 

 

Summary of Rebate Computations 

4 

 

 

Summary of Computational Information and Definitions 

5 

 

 

Methodology 

7 

 

 

Sources and Uses 

8 

 

 

Proof of Arbitrage Yield 

9 

 

 

Bond Debt Service 

11 

 

 

Arbitrage Rebate Calculation Detail Report – Acquisition and Construction Fund 

13 

 

 

Arbitrage Rebate Calculation Detail Report – Reserve Fund 

15 

 

 

Arbitrage Rebate Calculation Detail Report – Interest Fund 

17 

 

 

Arbitrage Rebate Calculation Detail Report – Rebate Computation Credits 

18 

 

 

 

 

 

 



 


 

 

September 15, 2023 

 

 

Astonia Community Development District 

 c/o Ms. Katie Costa 

Director of Operations – Accounting Division 

Government Management Services – CF, LLC 

6200 Lee Vista Boulevard, Suite 300 

Orlando, FL 32822 

 

 

Re: 

$3,830,000 Astonia Community Development District (Polk County, Florida), Special Assessment 
Bonds, Series 2020 (Assessment Area One Project) 



 

 

Dear Ms. Costa: 

 

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

 

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

 

Our engagement was limited to the computation of Rebatable Arbitrage based upon the information 
furnished to us by the District. In accordance with the terms of our engagement, we did not audit the 
information provided to us, and we express no opinion as to the completeness, accuracy or suitability of 
such information for purposes of calculating the Rebatable Arbitrage. 

 

We have scheduled the next Report as of August 31, 2024. Thank you for this engagement and should 
you have any questions, please do not hesitate to contact us. 

 

 

Very truly yours, 

 

 

 

Michael J. Scarfo 

Senior Vice President 

Caitlyn C. McGovern 

Assistant Vice President 



 



SUMMARY OF REBATE COMPUTATIONS 

 

Our computations, contained in the attached schedules, are summarized as follows: 

 

For the September 24, 2025 Computation Date 

Reflecting Activity from September 24, 2020 through July 31, 2023 

 

Fund 

Description 

Taxable 

Inv Yield 

Net 

Income 

Rebatable 

Arbitrage 

Acquisition and Construction Fund 

0.037917% 

148.07 

(18,646.71) 

Reserve Fund 

1.274612% 

8,048.42 

(19,706.53) 

Interest Fund 

0.005969% 

3.22 

(2,578.13) 

Totals 

0.759221% 

$8,199.71 

$(40,931.37) 

Bond Yield 

4.011557% 

 

Rebate Computation Credits 

(4,148.08) 

Net Rebatable Arbitrage 

$(45,079.45) 



 

 

 

Based upon our computations, no rebate liability exists. 


SUMMARY OF COMPUTATIONAL INFORMATION 

AND DEFINITIONS 

 

COMPUTATIONAL INFORMATION 

 

1. For the purpose of computing Rebatable Arbitrage, investment activity is reflected from September 
24, 2020, the date of the closing, through July 31, 2023, the Computation Period. All nonpurpose 
payments and receipts are future valued to the Computation Date of September 24, 2025. 


 

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


 

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


 

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


 

5. During the period between September 24, 2020 and July 31, 2023, the District made periodic 
payments into the Interest, Sinking, and Prepayment Accounts (collectively, the “Debt Service 
Fund”), that were used, along with the interest earned, to provide the required debt service payments. 


 

Under Section 148(f)(4)(A), the rebate requirement does not apply to amounts in certain bona fide 
debt service funds. The Regulations define a bona fide debt service fund as one that is used 
primarily to achieve a proper matching of revenues with principal and interest payments within each 
bond year. The fund must be depleted at least once each bond year, except for a reasonable 
carryover amount not to exceed the greater of the earnings on the fund for the immediately 
preceding bond year or 1/12th of the principal and interest payments on the issue for the immediately 
preceding bond year. 

 

We have reviewed the Debt Service Fund and have determined that the funds deposited have 
functioned as a bona fide debt service fund and are not subject to the rebate requirement. 

 

DEFINITIONS 

 

6. Computation Date 


 

September 24, 2025. 

 

7. Computation Period 


 

The period beginning on September 24, 2020, the date of the closing, and ending on July 31, 2023. 

 

8. Bond Year 


 

Each one-year period (or shorter period from the date of issue) that ends at the close of business on the 
day in the calendar year that is selected by the issuer. If no day is selected by the issuer before the earlier 
of the final maturity date of the issue or the date that is five years after the date of issue, each bond year 
ends at the close of business on the anniversary date of the issuance. 


9. Bond Yield 


 

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

 

10. Taxable Investment Yield 


 

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

 

11. Issue Price 


 

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

 

12. Rebatable Arbitrage 


 

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

 

13. Funds and Accounts 


 

The Funds and Accounts activity used in the compilation of this Report was received from the District 
and U.S. Bank, Trustee, as follows: 

 

Fund / Account 

Account Number 

Revenue 

258168000 

Interest 

258168001 

Sinking 

258168002 

Reserve 

258168003 

Prepayment 

258168004 

Acquisition and Construction 

258168005 



 

 

 


METHODOLOGY 

 

Bond Yield 

 

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

 

Investment Yield and Rebate Amount 

 

The methodology used to calculate the Rebatable Arbitrage, as of July 31, 2023, was to calculate the 
future value of the disbursements from all funds, subject to rebate, and the value of the remaining bond 
proceeds, at the yield on the Bonds, to September 24, 2025. This figure was then compared to the future 
value of the deposit of bond proceeds into the various investment accounts at the same yield. The 
difference between the future values of the two cash flows, on September 24, 2025, is the Rebatable 
Arbitrage. 


$3,830,000 

Astonia Community Development District 

(Polk County, Florida) 

Special Assessment Bonds, Series 2020 

(Assessment Area One Project) 

Delivered: September 24, 2020 

 

Sources of Funds 



 

Par Amount 

$3,830,000.00 

Original Issue Discount 

 (34,368.20) 

Total 

$3,795,631.80 



 

 

Uses of Funds 



 

Acquisition and Construction Fund 

$3,201,389.85 

Reserve Fund 

220,403.13 

Interest Fund 

88,446.34 

Costs of Issuance 

208,792.48 

Underwriter’s Discount 

 76,600.00 

Total 

$3,795,631.80 




Prepared by AMTEC (Finance 8.901) 
PROOF OF ARBITRAGE YIELD 
$3,830,000 
Astonia Community Development District 
(Polk County, Florida) 
Special Assessment Bonds, Series 2020 
(Assessment Area One Project)
Present Value 
to 09/24/2020 
Date Debt Service @ 4.0115572704% 
05/01/2021 88,446.34 86,353.95 
11/01/2021 73,365.63 70,221.52 
05/01/2022 143,365.63 134,523.40 
11/01/2022 72,403.13 66,601.71 
05/01/2023 147,403.13 132,926.01 
11/01/2023 71,371.88 63,096.55 
05/01/2024 146,371.88 126,856.10 
11/01/2024 70,340.63 59,763.38 
05/01/2025 150,340.63 125,221.97 
11/01/2025 69,240.63 56,537.99 
05/01/2026 149,240.63 119,465.27 
11/01/2026 67,890.63 53,276.99 
05/01/2027 152,890.63 117,621.29 
11/01/2027 66,456.25 50,120.58 
05/01/2028 151,456.25 111,980.58 
11/01/2028 65,021.88 47,129.22 
05/01/2029 155,021.88 110,153.66 
11/01/2029 63,503.13 44,236.05 
05/01/2030 158,503.13 108,241.61 
11/01/2030 61,900.00 41,440.24 
05/01/2031 156,900.00 102,974.52 
11/01/2031 60,000.00 38,604.09 
05/01/2032 160,000.00 100,920.01 
11/01/2032 58,000.00 35,864.15 
05/01/2033 163,000.00 98,808.74 
11/01/2033 55,900.00 33,219.63 
05/01/2034 165,900.00 96,650.61 
11/01/2034 53,700.00 30,669.57 
05/01/2035 168,700.00 94,454.73 
11/01/2035 51,400.00 28,212.85 
05/01/2036 166,400.00 89,539.04 
11/01/2036 49,100.00 25,900.96 
05/01/2037 169,100.00 87,448.66 
11/01/2037 46,700.00 23,675.64 
05/01/2038 171,700.00 85,335.61 
11/01/2038 44,200.00 21,535.63 
05/01/2039 174,200.00 83,206.76 
11/01/2039 41,600.00 19,479.55 
05/01/2040 181,600.00 83,363.65 
11/01/2040 38,800.00 17,460.95 
05/01/2041 183,800.00 81,088.05 
11/01/2041 35,900.00 15,526.77 
05/01/2042 185,900.00 78,820.86 
11/01/2042 32,900.00 13,675.18 
05/01/2043 187,900.00 76,566.54 
11/01/2043 29,800.00 11,904.30 
05/01/2044 189,800.00 74,329.10 
11/01/2044 26,600.00 10,212.21 
05/01/2045 196,600.00 73,994.03 
11/01/2045 23,200.00 8,560.05 
05/01/2046 198,200.00 71,691.43 
11/01/2046 19,700.00 6,985.62 
05/01/2047 199,700.00 69,421.20 
11/01/2047 16,100.00 5,486.75 
05/01/2048 206,100.00 68,856.11 
11/01/2048 12,300.00 4,028.51 
05/01/2049 207,300.00 66,560.14 

Prepared by AMTEC (Finance 8.901) 
PROOF OF ARBITRAGE YIELD 
$3,830,000 
Astonia Community Development District 
(Polk County, Florida) 
Special Assessment Bonds, Series 2020 
(Assessment Area One Project)
Present Value 
to 09/24/2020 
Date Debt Service @ 4.0115572704% 
11/01/2049 8,400.00 2,644.05 
05/01/2050 213,400.00 65,850.61 
11/01/2050 4,300.00 1,300.80 
05/01/2051 219,300.00 65,036.10 
6,698,633.92 3,795,631.80 
Proceeds Summary 
Delivery date 09/24/2020 
Par Value 3,830,000.00 
Premium (Discount) -34,368.20 
Target for yield calculation 3,795,631.80 

Prepared by AMTEC (Finance 8.901) 
BOND DEBT SERVICE 
$3,830,000 
Astonia Community Development District 
(Polk County, Florida) 
Special Assessment Bonds, Series 2020 
(Assessment Area One Project) 
Period Annual 
Ending Principal Coupon Interest Debt Service Debt Service 
09/24/2020 
05/01/2021 88,446.34 88,446.34 88,446.34 
11/01/2021 73,365.63 73,365.63 
05/01/2022 70,000 2.750% 73,365.63 143,365.63 216,731.26 
11/01/2022 72,403.13 72,403.13 
05/01/2023 75,000 2.750% 72,403.13 147,403.13 219,806.26 
11/01/2023 71,371.88 71,371.88 
05/01/2024 75,000 2.750% 71,371.88 146,371.88 217,743.76 
11/01/2024 70,340.63 70,340.63 
05/01/2025 80,000 2.750% 70,340.63 150,340.63 220,681.26 
11/01/2025 69,240.63 69,240.63 
05/01/2026 80,000 3.375% 69,240.63 149,240.63 218,481.26 
11/01/2026 67,890.63 67,890.63 
05/01/2027 85,000 3.375% 67,890.63 152,890.63 220,781.26 
11/01/2027 66,456.25 66,456.25 
05/01/2028 85,000 3.375% 66,456.25 151,456.25 217,912.50 
11/01/2028 65,021.88 65,021.88 
05/01/2029 90,000 3.375% 65,021.88 155,021.88 220,043.76 
11/01/2029 63,503.13 63,503.13 
05/01/2030 95,000 3.375% 63,503.13 158,503.13 222,006.26 
11/01/2030 61,900.00 61,900.00 
05/01/2031 95,000 4.000% 61,900.00 156,900.00 218,800.00 
11/01/2031 60,000.00 60,000.00 
05/01/2032 100,000 4.000% 60,000.00 160,000.00 220,000.00 
11/01/2032 58,000.00 58,000.00 
05/01/2033 105,000 4.000% 58,000.00 163,000.00 221,000.00 
11/01/2033 55,900.00 55,900.00 
05/01/2034 110,000 4.000% 55,900.00 165,900.00 221,800.00 
11/01/2034 53,700.00 53,700.00 
05/01/2035 115,000 4.000% 53,700.00 168,700.00 222,400.00 
11/01/2035 51,400.00 51,400.00 
05/01/2036 115,000 4.000% 51,400.00 166,400.00 217,800.00 
11/01/2036 49,100.00 49,100.00 
05/01/2037 120,000 4.000% 49,100.00 169,100.00 218,200.00 
11/01/2037 46,700.00 46,700.00 
05/01/2038 125,000 4.000% 46,700.00 171,700.00 218,400.00 
11/01/2038 44,200.00 44,200.00 
05/01/2039 130,000 4.000% 44,200.00 174,200.00 218,400.00 
11/01/2039 41,600.00 41,600.00 
05/01/2040 140,000 4.000% 41,600.00 181,600.00 223,200.00 
11/01/2040 38,800.00 38,800.00 
05/01/2041 145,000 4.000% 38,800.00 183,800.00 222,600.00 
11/01/2041 35,900.00 35,900.00 
05/01/2042 150,000 4.000% 35,900.00 185,900.00 221,800.00 
11/01/2042 32,900.00 32,900.00 
05/01/2043 155,000 4.000% 32,900.00 187,900.00 220,800.00 
11/01/2043 29,800.00 29,800.00 
05/01/2044 160,000 4.000% 29,800.00 189,800.00 219,600.00 
11/01/2044 26,600.00 26,600.00 
05/01/2045 170,000 4.000% 26,600.00 196,600.00 223,200.00 
11/01/2045 23,200.00 23,200.00 
05/01/2046 175,000 4.000% 23,200.00 198,200.00 221,400.00 
11/01/2046 19,700.00 19,700.00 
05/01/2047 180,000 4.000% 19,700.00 199,700.00 219,400.00 
11/01/2047 16,100.00 16,100.00 
05/01/2048 190,000 4.000% 16,100.00 206,100.00 222,200.00 
11/01/2048 12,300.00 12,300.00 
05/01/2049 195,000 4.000% 12,300.00 207,300.00 219,600.00 

 

Prepared by AMTEC (Finance 8.901) 
BOND DEBT SERVICE 
$3,830,000 
Astonia Community Development District 
(Polk County, Florida) 
Special Assessment Bonds, Series 2020 
(Assessment Area One Project) 
Period Annual 
Ending Principal Coupon Interest Debt Service Debt Service 
11/01/2049 8,400.00 8,400.00 
05/01/2050 205,000 4.000% 8,400.00 213,400.00 221,800.00 
11/01/2050 4,300.00 4,300.00 
05/01/2051 215,000 4.000% 4,300.00 219,300.00 223,600.00 
3,830,000 2,868,633.92 6,698,633.92 6,698,633.92 



$3,830,000 

Astonia Community Development District 

(Polk County, Florida) 

Special Assessment Bonds, Series 2020 

(Assessment Area One Project) 

Acquisition and Construction Fund 

 

 

ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 

 

 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (4.011557%) 

 

 09/24/20 Beg Bal -3,201,389.85 -3,904,687.81 

 09/24/20 152,760.01 186,319.12 

 09/24/20 39,627.00 48,332.47 

 10/02/20 1,027,978.16 1,252,703.58 

 10/02/20 -0.25 -0.30 

 10/21/20 75,187.00 91,431.70 

 10/21/20 377,733.02 459,344.99 

 10/21/20 52,239.10 63,525.74 

 10/21/20 10,000.00 12,160.57 

 10/26/20 240.35 292.12 

 11/03/20 3,000.00 3,643.35 

 11/03/20 -1.12 -1.36 

 12/02/20 2,687.00 3,252.80 

 12/02/20 46,943.54 56,828.39 

 12/02/20 205,453.68 248,715.83 

 12/02/20 1,013.50 1,226.91 

 12/02/20 315,358.61 381,763.32 

 12/02/20 872.00 1,055.62 

 12/02/20 -1.09 -1.32 

 12/04/20 307,290.38 371,914.10 

 12/04/20 14,034.00 16,985.38 

 12/04/20 266,924.76 323,059.51 

 12/18/20 468.75 566.45 

 01/05/21 -1.12 -1.35 

 01/06/21 5,165.45 6,229.72 

 01/27/21 248,589.17 299,113.74 

 01/27/21 3,807.00 4,580.75 

 01/27/21 44,042.87 52,994.37 

 02/01/21 -1.12 -1.35 

 03/02/21 -1.02 -1.22 

 03/02/21 -1.01 -1.21 

 04/02/21 -1.12 -1.34 

 05/04/21 -1.09 -1.30 

 06/02/21 -1.12 -1.33 

 07/02/21 -1.08 -1.28 

 08/03/21 -1.12 -1.32 

 09/02/21 -1.13 -1.33 

 10/04/21 -1.08 -1.26 

 11/02/21 -1.12 -1.31 

 12/02/21 -1.09 -1.27 

 12/30/21 -0.02 -0.02 

 01/04/22 -1.12 -1.30 

 02/02/22 -1.12 -1.29 

 04/04/22 -1.13 -1.30 

 05/03/22 -1.08 -1.24 

 06/02/22 -30.79 -35.12 

 07/05/22 -98.70 -112.16 


$3,830,000 

Astonia Community Development District 

(Polk County, Florida) 

Special Assessment Bonds, Series 2020 

(Assessment Area One Project) 

Acquisition and Construction Fund 

 

 

ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 

 

 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (4.011557%) 

 

 08/02/22 -191.02 -216.43 

 09/02/22 -301.67 -340.67 

 10/04/22 -349.45 -393.24 

 11/02/22 -465.12 -521.79 

 11/28/22 228.00 255.05 

 12/02/22 -573.79 -641.57 

 01/04/23 -650.84 -725.16 

 02/02/23 -694.78 -771.73 

 03/02/23 -666.86 -738.27 

 04/04/23 -754.39 -832.22 

 05/02/23 -762.96 -839.08 

 06/02/23 -831.48 -911.42 

 07/05/23 -814.14 -889.17 

 07/21/23 3,420.69 3,729.34 

 07/26/23 76.00 82.81 

 07/31/23 Bal 3,591.66 3,911.85 

 07/31/23 Acc 13.36 14.55 

 ---------------------------------------------------------------- 

 09/24/25 TOTALS: 148.07 -18,646.71 

 ---------------------------------------------------------------- 

 

 ISSUE DATE: 09/24/20 REBATABLE ARBITRAGE: -18,646.71 

 COMP DATE: 09/24/25 NET INCOME: 148.07 

 BOND YIELD: 4.011557% TAX INV YIELD: 0.037917% 

 


$3,830,000 

Astonia Community Development District 

(Polk County, Florida) 

Special Assessment Bonds, Series 2020 

(Assessment Area One Project) 

Reserve Fund 

 

 

ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 

 

 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (4.011557%) 

 

 09/24/20 Beg Bal -220,403.13 -268,822.43 

 10/02/20 0.25 0.30 

 11/03/20 1.12 1.36 

 12/02/20 1.09 1.32 

 01/05/21 1.12 1.35 

 02/02/21 1.12 1.35 

 03/02/21 1.02 1.22 

 04/02/21 1.12 1.34 

 05/04/21 1.09 1.30 

 06/02/21 1.12 1.33 

 07/02/21 1.08 1.28 

 08/03/21 1.12 1.32 

 09/02/21 1.13 1.33 

 10/04/21 1.08 1.26 

 11/02/21 1.12 1.31 

 12/02/21 1.09 1.27 

 12/30/21 0.02 0.02 

 01/04/22 1.12 1.30 

 02/02/22 1.12 1.29 

 03/02/22 1.01 1.16 

 04/04/22 1.13 1.30 

 05/02/22 2,203.13 2,521.12 

 05/03/22 1.08 1.24 

 06/02/22 30.79 35.12 

 07/05/22 98.70 112.16 

 07/06/22 621.87 706.62 

 08/02/22 191.02 216.43 

 09/02/22 301.67 340.67 

 10/04/22 349.45 393.24 

 11/02/22 465.12 521.79 

 12/02/22 573.79 641.57 

 01/04/23 650.84 725.16 

 02/01/23 200.00 222.17 

 02/02/23 694.78 771.73 

 03/02/23 666.86 738.27 

 04/04/23 754.39 832.22 

 05/02/23 762.96 839.08 

 06/02/23 831.48 911.42 

 07/05/23 814.14 889.17 

 

 


$3,830,000 

Astonia Community Development District 

(Polk County, Florida) 

Special Assessment Bonds, Series 2020 

(Assessment Area One Project) 

Reserve Fund 

 

 

ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 

 

 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (4.011557%) 

 

 07/31/23 Bal 217,378.13 236,756.76 

 07/31/23 Acc 841.28 916.28 

 ---------------------------------------------------------------- 

 09/24/25 TOTALS: 8,048.42 -19,706.53 

 ---------------------------------------------------------------- 

 

 ISSUE DATE: 09/24/20 REBATABLE ARBITRAGE: -19,706.53 

 COMP DATE: 09/24/25 NET INCOME: 8,048.42 

 BOND YIELD: 4.011557% TAX INV YIELD: 1.274612% 

 


$3,830,000 

Astonia Community Development District 

(Polk County, Florida) 

Special Assessment Bonds, Series 2020 

(Assessment Area One Project) 

Interest Fund 

 

 

ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 

 

 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (4.011557%) 

 

 09/24/20 Beg Bal -88,446.34 -107,876.69 

 10/02/20 0.10 0.12 

 11/03/20 0.45 0.55 

 12/02/20 0.44 0.53 

 01/05/21 0.45 0.54 

 02/02/21 0.45 0.54 

 03/02/21 0.41 0.49 

 04/02/21 0.45 0.54 

 05/03/21 88,446.34 105,301.40 

 05/04/21 -291.72 -347.27 

 05/04/21 0.44 0.52 

 06/02/21 0.03 0.04 

 11/01/21 291.72 340.56 

 ---------------------------------------------------------------- 

 09/24/25 TOTALS: 3.22 -2,578.13 

 ---------------------------------------------------------------- 

 

 ISSUE DATE: 09/24/20 REBATABLE ARBITRAGE: -2,578.13 

 COMP DATE: 09/24/25 NET INCOME: 3.22 

 BOND YIELD: 4.011557% TAX INV YIELD: 0.005969% 

 


$3,830,000 

Astonia Community Development District 

(Polk County, Florida) 

Special Assessment Bonds, Series 2020 

(Assessment Area One Project) 

Rebate Computation Credits 

 

 

ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 

 

 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (4.011557%) 

 

 09/24/21 -1,780.00 -2,086.50 

 09/24/22 -1,830.00 -2,061.58 

 ---------------------------------------------------------------- 

 09/24/25 TOTALS: -3,610.00 -4,148.08 

 ---------------------------------------------------------------- 

 

 ISSUE DATE: 09/24/20 REBATABLE ARBITRAGE: -4,148.08 

 COMP DATE: 09/24/25 

 BOND YIELD: 4.011557% 

 

 


 

 

REBATE REPORT 

 

$10,065,000 

 

Astonia Community Development District 

 

(Polk County, Florida) 

 

Special Assessment Bonds, Series 2021 

 

(Assessment Area Two Project) 

 

 

 

 

 

 

 

Dated: July 20, 2021 

Delivered: July 20, 2021 

__________________________________ 

 

Rebate Report to the Computation Date 

July 20, 2026 

Reflecting Activity Through 

July 31, 2023 

 

 

 


 


 

 

TABLE OF CONTENTS 

 

 

 

AMTEC Opinion 

3 

 

 

Summary of Rebate Computations 

4 

 

 

Summary of Computational Information and Definitions 

5 

 

 

Methodology 

7 

 

 

Sources and Uses 

8 

 

 

Proof of Arbitrage Yield 

9 

 

 

Bond Debt Service 

11 

 

 

Arbitrage Rebate Calculation Detail Report – Acquisition and Construction Fund 

13 

 

 

Arbitrage Rebate Calculation Detail Report – Reserve Fund 

15 

 

 

Arbitrage Rebate Calculation Detail Report – Interest Fund 

16 

 

 

Arbitrage Rebate Calculation Detail Report – Cost of Issuance Fund 

17 

 

 

Arbitrage Rebate Calculation Detail Report – Rebate Computation Credits 

18 

 

 

 

 

 

 



 


 

 

September 15, 2023 

 

 

Astonia Community Development District 

 c/o Ms. Katie Costa 

Director of Operations – Accounting Division 

Government Management Services – CF, LLC 

6200 Lee Vista Boulevard, Suite 300 

Orlando, FL 32822 

 

 

Re: 

$10,065,000 Astonia Community Development District (Polk County, Florida), Special 
Assessment Bonds, Series 2021 (Assessment Area Two Project) 



 

 

Dear Ms. Costa: 

 

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

 

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

 

Our engagement was limited to the computation of Rebatable Arbitrage based upon the information 
furnished to us by the District. In accordance with the terms of our engagement, we did not audit the 
information provided to us, and we express no opinion as to the completeness, accuracy or suitability of 
such information for purposes of calculating the Rebatable Arbitrage. 

 

We have scheduled the next Report as of July 31, 2024. Thank you for this engagement and should you 
have any questions, please do not hesitate to contact us. 

 

 

Very truly yours, 

 

 

 

Michael J. Scarfo 

Senior Vice President 

Caitlyn C. McGovern 

Assistant Vice President 



 



SUMMARY OF REBATE COMPUTATIONS 

 

Our computations, contained in the attached schedules, are summarized as follows: 

 

For the July 20, 2026 Computation Date 

Reflecting Activity from July 20, 2021 through July 31, 2023 

 

Fund 

Description 

Taxable 

Inv Yield 

Net 

Income 

Rebatable 

Arbitrage 

Acquisition and Construction Fund 

0.089342% 

4,699.40 

(191,850.65) 

Reserve Fund 

1.808322% 

20,624.36 

(18,574.38) 

Interest Fund 

0.028867% 

48.92 

(6,301.64) 

Cost of Issuance Fund 

0.005912% 

0.27 

(171.14) 

Totals 

0.385317% 

$25,372.95 

$(216,897.81) 

Bond Yield 

3.255937% 

 

Rebate Computation Credits 

(4,241.78) 

Net Rebatable Arbitrage 

$(221,139.59) 



 

 

 

Based upon our computations, no rebate liability exists. 


SUMMARY OF COMPUTATIONAL INFORMATION 

AND DEFINITIONS 

 

COMPUTATIONAL INFORMATION 

 

1. For the purpose of computing Rebatable Arbitrage, investment activity is reflected from July 20, 
2021, the date of the closing, through July 31, 2023, the Computation Period. All nonpurpose 
payments and receipts are future valued to the Computation Date of July 20, 2026. 


 

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


 

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


 

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


 

5. During the period between July 20, 2021 and July 31, 2023, the District made periodic payments 
into the Interest, Sinking, and Prepayment Accounts (collectively, the “Debt Service Fund”), that 
were used, along with the interest earned, to provide the required debt service payments. 


 

Under Section 148(f)(4)(A), the rebate requirement does not apply to amounts in certain bona fide 
debt service funds. The Regulations define a bona fide debt service fund as one that is used 
primarily to achieve a proper matching of revenues with principal and interest payments within each 
bond year. The fund must be depleted at least once each bond year, except for a reasonable 
carryover amount not to exceed the greater of the earnings on the fund for the immediately 
preceding bond year or 1/12th of the principal and interest payments on the issue for the immediately 
preceding bond year. 

 

We have reviewed the Debt Service Fund and have determined that the funds deposited have 
functioned as a bona fide debt service fund and are not subject to the rebate requirement. 

 

DEFINITIONS 

 

6. Computation Date 


 

July 20, 2026. 

 

7. Computation Period 


 

The period beginning on July 20, 2021, the date of the closing, and ending on July 31, 2023. 

 

8. Bond Year 


 

Each one-year period (or shorter period from the date of issue) that ends at the close of business on the 
day in the calendar year that is selected by the issuer. If no day is selected by the issuer before the earlier 
of the final maturity date of the issue or the date that is five years after the date of issue, each bond year 
ends at the close of business on the anniversary date of the issuance. 


9. Bond Yield 


 

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

 

10. Taxable Investment Yield 


 

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

 

11. Issue Price 


 

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

 

12. Rebatable Arbitrage 


 

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

 

13. Funds and Accounts 


 

The Funds and Accounts activity used in the compilation of this Report was received from the District 
and U.S. Bank, Trustee, as follows: 

 

Fund / Account 

Account Number 

Revenue 

278719000 

Interest 

278719001 

Sinking 

278719002 

Reserve 

278719003 

Prepayment 

278719004 

Acquisition and Construction 

278719005 

Cost of Issuance 

278719006 



 

 

 


METHODOLOGY 

 

Bond Yield 

 

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

 

Investment Yield and Rebate Amount 

 

The methodology used to calculate the Rebatable Arbitrage, as of July 31, 2023, was to calculate the 
future value of the disbursements from all funds, subject to rebate, and the value of the remaining bond 
proceeds, at the yield on the Bonds, to July 20, 2026. This figure was then compared to the future value 
of the deposit of bond proceeds into the various investment accounts at the same yield. The difference 
between the future values of the two cash flows, on July 20, 2026, is the Rebatable Arbitrage. 


$10,065,000 

Astonia Community Development District 

(Polk County, Florida) 

Special Assessment Bonds, Series 2021 

(Assessment Area Two Project) 

Delivered: July 20, 2021 

 

Sources of Funds 



 

Par Amount 

$10,065,000.00 

Net Original Issue Premium 

 245,124.00 

Total 

$10,310,124.00 



 

 

Uses of Funds 



 

Acquisition and Construction Fund 

$ 9,148,630.34 

Reserve Fund 

558,040.00 

Interest Fund 

275,785.89 

Cost of Issuance Fund 

126,367.77 

Underwriter’s Discount 

 201,300.00 

Total 

$10,310,124.00 




Prepared by AMTEC (Finance 8.901) 
PROOF OF ARBITRAGE YIELD 
$10,065,000 
Astonia Community Development District 
(Polk County, Florida) 
Special Assessment Bonds, Series 2021 
(Assessment Area Two Project)
Present Value 
to 07/20/2021 
Date Debt Service @ 3.2559365213% 
11/01/2021 99,125.89 98,231.75 
05/01/2022 176,660.00 172,262.11 
11/01/2022 176,660.00 169,502.67 
05/01/2023 381,660.00 360,331.07 
11/01/2023 174,097.50 161,735.13 
05/01/2024 384,097.50 351,107.46 
11/01/2024 171,472.50 154,233.89 
05/01/2025 386,472.50 342,050.86 
11/01/2025 168,785.00 146,991.66 
05/01/2026 388,785.00 333,161.73 
11/01/2026 166,035.00 140,001.28 
05/01/2027 391,035.00 324,440.26 
11/01/2027 162,660.00 132,796.50 
05/01/2028 397,660.00 319,451.21 
11/01/2028 159,135.00 125,789.70 
05/01/2029 399,135.00 310,445.92 
11/01/2029 155,535.00 119,036.74 
05/01/2030 405,535.00 305,399.27 
11/01/2030 151,785.00 112,474.81 
05/01/2031 5,356,785.00 3,905,866.41 
11/01/2031 48,960.00 35,127.02 
05/01/2032 313,960.00 221,646.56 
11/01/2032 44,720.00 31,065.28 
05/01/2033 319,720.00 218,539.53 
11/01/2033 40,320.00 27,118.61 
05/01/2034 320,320.00 211,991.17 
11/01/2034 35,840.00 23,339.33 
05/01/2035 325,840.00 208,790.93 
11/01/2035 31,200.00 19,672.00 
05/01/2036 331,200.00 205,480.71 
11/01/2036 26,400.00 16,116.53 
05/01/2037 336,400.00 202,073.91 
11/01/2037 21,440.00 12,672.60 
05/01/2038 341,440.00 198,583.04 
11/01/2038 16,320.00 9,339.74 
05/01/2039 346,320.00 195,019.86 
11/01/2039 11,040.00 6,117.26 
05/01/2040 351,040.00 191,395.36 
11/01/2040 5,600.00 3,004.34 
05/01/2041 355,600.00 187,719.79 
13,876,795.89 10,310,124.00 
Proceeds Summary 
Delivery date 07/20/2021 
Par Value 10,065,000.00 
Premium (Discount) 245,124.00 
Target for yield calculation 10,310,124.00 

Prepared by AMTEC (Finance 8.901) 
PROOF OF ARBITRAGE YIELD 
$10,065,000 
Astonia Community Development District 
(Polk County, Florida) 
Special Assessment Bonds, Series 2021 
(Assessment Area Two Project) 
Assumed Call/Computation Dates for Premium Bonds 
Bond Maturity Call Call Yield To 
Component Date Rate Yield Date Price Call/Maturity 
TERM04 05/01/2042 4.000% 3.400% 05/01/2031 100.000 3.4010631% 
TERM04 05/01/2043 4.000% 3.400% 05/01/2031 100.000 3.4010631% 
TERM04 05/01/2044 4.000% 3.400% 05/01/2031 100.000 3.4010631% 
TERM04 05/01/2045 4.000% 3.400% 05/01/2031 100.000 3.4010631% 
TERM04 05/01/2046 4.000% 3.400% 05/01/2031 100.000 3.4010631% 
TERM04 05/01/2047 4.000% 3.400% 05/01/2031 100.000 3.4010631% 
TERM04 05/01/2048 4.000% 3.400% 05/01/2031 100.000 3.4010631% 
TERM04 05/01/2049 4.000% 3.400% 05/01/2031 100.000 3.4010631% 
TERM04 05/01/2050 4.000% 3.400% 05/01/2031 100.000 3.4010631% 
TERM04 05/01/2051 4.000% 3.400% 05/01/2031 100.000 3.4010631% 
TERM04 05/01/2052 4.000% 3.400% 05/01/2031 100.000 3.4010631% 
Rejected Call/Computation Dates for Premium Bonds 
Bond Maturity Call Call Yield To Increase 
Component Date Rate Yield Date Price Call/Maturity to Yield 
TERM04 05/01/2042 4.000% 3.400% 3.6579962% 0.2569331% 
TERM04 05/01/2043 4.000% 3.400% 3.6681748% 0.2671116% 
TERM04 05/01/2044 4.000% 3.400% 3.6774110% 0.2763479% 
TERM04 05/01/2045 4.000% 3.400% 3.6858241% 0.2847609% 
TERM04 05/01/2046 4.000% 3.400% 3.6935139% 0.2924508% 
TERM04 05/01/2047 4.000% 3.400% 3.7005649% 0.2995018% 
TERM04 05/01/2048 4.000% 3.400% 3.7070490% 0.3059859% 
TERM04 05/01/2049 4.000% 3.400% 3.7130277% 0.3119645% 
TERM04 05/01/2050 4.000% 3.400% 3.7185539% 0.3174908% 
TERM04 05/01/2051 4.000% 3.400% 3.7236735% 0.3226104% 
TERM04 05/01/2052 4.000% 3.400% 3.7284265% 0.3273634% 

Prepared by AMTEC (Finance 8.901) 
BOND DEBT SERVICE 
$10,065,000 
Astonia Community Development District 
(Polk County, Florida) 
Special Assessment Bonds, Series 2021 
(Assessment Area Two Project) 
Period Annual 
Ending Principal Coupon Interest Debt Service Debt Service 
07/20/2021 
11/01/2021 99,125.89 99,125.89 
05/01/2022 176,660.00 176,660.00 275,785.89 
11/01/2022 176,660.00 176,660.00 
05/01/2023 205,000 2.500% 176,660.00 381,660.00 558,320.00 
11/01/2023 174,097.50 174,097.50 
05/01/2024 210,000 2.500% 174,097.50 384,097.50 558,195.00 
11/01/2024 171,472.50 171,472.50 
05/01/2025 215,000 2.500% 171,472.50 386,472.50 557,945.00 
11/01/2025 168,785.00 168,785.00 
05/01/2026 220,000 2.500% 168,785.00 388,785.00 557,570.00 
11/01/2026 166,035.00 166,035.00 
05/01/2027 225,000 3.000% 166,035.00 391,035.00 557,070.00 
11/01/2027 162,660.00 162,660.00 
05/01/2028 235,000 3.000% 162,660.00 397,660.00 560,320.00 
11/01/2028 159,135.00 159,135.00 
05/01/2029 240,000 3.000% 159,135.00 399,135.00 558,270.00 
11/01/2029 155,535.00 155,535.00 
05/01/2030 250,000 3.000% 155,535.00 405,535.00 561,070.00 
11/01/2030 151,785.00 151,785.00 
05/01/2031 255,000 3.000% 151,785.00 406,785.00 558,570.00 
11/01/2031 147,960.00 147,960.00 
05/01/2032 265,000 3.200% 147,960.00 412,960.00 560,920.00 
11/01/2032 143,720.00 143,720.00 
05/01/2033 275,000 3.200% 143,720.00 418,720.00 562,440.00 
11/01/2033 139,320.00 139,320.00 
05/01/2034 280,000 3.200% 139,320.00 419,320.00 558,640.00 
11/01/2034 134,840.00 134,840.00 
05/01/2035 290,000 3.200% 134,840.00 424,840.00 559,680.00 
11/01/2035 130,200.00 130,200.00 
05/01/2036 300,000 3.200% 130,200.00 430,200.00 560,400.00 
11/01/2036 125,400.00 125,400.00 
05/01/2037 310,000 3.200% 125,400.00 435,400.00 560,800.00 
11/01/2037 120,440.00 120,440.00 
05/01/2038 320,000 3.200% 120,440.00 440,440.00 560,880.00 
11/01/2038 115,320.00 115,320.00 
05/01/2039 330,000 3.200% 115,320.00 445,320.00 560,640.00 
11/01/2039 110,040.00 110,040.00 
05/01/2040 340,000 3.200% 110,040.00 450,040.00 560,080.00 
11/01/2040 104,600.00 104,600.00 
05/01/2041 350,000 3.200% 104,600.00 454,600.00 559,200.00 
11/01/2041 99,000.00 99,000.00 
05/01/2042 365,000 4.000% 99,000.00 464,000.00 563,000.00 
11/01/2042 91,700.00 91,700.00 
05/01/2043 380,000 4.000% 91,700.00 471,700.00 563,400.00 
11/01/2043 84,100.00 84,100.00 
05/01/2044 395,000 4.000% 84,100.00 479,100.00 563,200.00 
11/01/2044 76,200.00 76,200.00 
05/01/2045 410,000 4.000% 76,200.00 486,200.00 562,400.00 
11/01/2045 68,000.00 68,000.00 
05/01/2046 430,000 4.000% 68,000.00 498,000.00 566,000.00 
11/01/2046 59,400.00 59,400.00 
05/01/2047 445,000 4.000% 59,400.00 504,400.00 563,800.00 
11/01/2047 50,500.00 50,500.00 
05/01/2048 465,000 4.000% 50,500.00 515,500.00 566,000.00 
11/01/2048 41,200.00 41,200.00 
05/01/2049 485,000 4.000% 41,200.00 526,200.00 567,400.00 
11/01/2049 31,500.00 31,500.00 
05/01/2050 505,000 4.000% 31,500.00 536,500.00 568,000.00 

 

Prepared by AMTEC (Finance 8.901) 
BOND DEBT SERVICE 
$10,065,000 
Astonia Community Development District 
(Polk County, Florida) 
Special Assessment Bonds, Series 2021 
(Assessment Area Two Project) 
Period Annual 
Ending Principal Coupon Interest Debt Service Debt Service 
11/01/2050 21,400.00 21,400.00 
05/01/2051 525,000 4.000% 21,400.00 546,400.00 567,800.00 
11/01/2051 10,900.00 10,900.00 
05/01/2052 545,000 4.000% 10,900.00 555,900.00 566,800.00 
10,065,000 7,059,595.89 17,124,595.89 17,124,595.89 



$10,065,000 

Astonia Community Development District 

(Polk County, Florida) 

Special Assessment Bonds, Series 2021 

(Assessment Area Two Project) 

Acquisition and Construction Fund 

 

 

ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 

 

 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (3.255937%) 

 

 07/20/21 Beg Bal -9,148,630.34 -10,751,981.60 

 09/02/21 144.00 168.60 

 09/09/21 33,687.00 39,417.19 

 09/21/21 1,507,074.23 1,761,531.31 

 09/23/21 3,832.00 4,478.20 

 10/18/21 910,237.06 1,061,349.08 

 10/25/21 43,130.00 50,258.61 

 10/25/21 198,459.98 231,261.82 

 11/10/21 131,237.00 152,722.44 

 11/10/21 54,345.30 63,242.43 

 11/10/21 302,759.09 352,325.24 

 11/19/21 1,222.00 1,420.91 

 11/19/21 18,650.00 21,685.76 

 11/19/21 2,844.25 3,307.22 

 12/23/21 31,185.00 36,150.72 

 12/27/21 9,544.19 11,059.98 

 02/01/22 10,094.00 11,661.49 

 02/01/22 59,109.00 68,287.97 

 02/01/22 17,534.61 20,257.54 

 02/01/22 289,347.50 334,279.96 

 02/01/22 680.00 785.60 

 02/09/22 1,812.33 2,092.26 

 02/18/22 285,307.59 329,110.37 

 02/18/22 708,975.98 817,823.83 

 02/18/22 30,693.00 35,405.24 

 02/18/22 3,106.72 3,583.69 

 02/28/22 829,404.93 955,884.08 

 02/28/22 13,200.00 15,212.92 

 03/22/22 1,071,218.76 1,231,917.68 

 04/26/22 370,043.15 424,259.10 

 05/10/22 67,302.18 77,065.93 

 05/18/22 10,444.00 11,950.57 

 05/18/22 444,565.65 508,695.06 

 06/08/22 42,113.00 48,101.49 

 06/08/22 155,815.61 177,972.68 

 07/06/22 142,942.27 162,859.12 

 07/18/22 6,165.00 7,016.44 

 07/22/22 352,824.01 401,408.12 

 07/27/22 330,695.29 376,063.53 

 08/17/22 97,771.14 110,985.09 

 08/22/22 4,465.89 5,067.19 

 08/25/22 5,006.51 5,679.07 

 08/25/22 288,643.14 327,418.72 

 09/19/22 260.00 294.29 

 09/20/22 52,924.82 59,900.11 

 10/28/22 21,334.14 24,063.72 

 11/15/22 250.00 281.56 


$10,065,000 

Astonia Community Development District 

(Polk County, Florida) 

Special Assessment Bonds, Series 2021 

(Assessment Area Two Project) 

Acquisition and Construction Fund 

 

 

ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 

 

 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (3.255937%) 

 

 11/23/22 108,827.82 122,476.70 

 12/22/22 2,347.88 2,635.48 

 01/04/23 29,005.38 32,523.30 

 02/06/23 50,299.81 56,238.75 

 07/26/23 447.53 492.80 

 ---------------------------------------------------------------- 

 07/20/26 TOTALS: 4,699.40 -191,850.65 

 ---------------------------------------------------------------- 

 

 ISSUE DATE: 07/20/21 REBATABLE ARBITRAGE: -191,850.65 

 COMP DATE: 07/20/26 NET INCOME: 4,699.40 

 BOND YIELD: 3.255937% TAX INV YIELD: 0.089342% 

 


$10,065,000 

Astonia Community Development District 

(Polk County, Florida) 

Special Assessment Bonds, Series 2021 

(Assessment Area Two Project) 

Reserve Fund 

 

 

ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 

 

 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (3.255937%) 

 

 07/20/21 Beg Bal -558,040.00 -655,839.79 

 08/03/21 1.10 1.29 

 09/02/21 2.86 3.35 

 10/04/21 2.75 3.21 

 11/02/21 2.84 3.31 

 12/02/21 2.76 3.21 

 12/30/21 0.06 0.07 

 01/04/22 2.84 3.29 

 02/02/22 2.84 3.28 

 03/02/22 2.56 2.95 

 04/04/22 2.86 3.29 

 05/03/22 2.75 3.15 

 06/02/22 78.75 90.00 

 07/05/22 252.43 287.63 

 08/02/22 489.74 556.68 

 09/02/22 773.73 877.12 

 10/04/22 896.27 1,013.12 

 11/02/22 1,192.94 1,345.09 

 12/02/22 1,471.64 1,654.87 

 01/04/23 1,669.27 1,871.73 

 02/02/23 1,781.96 1,993.07 

 03/02/23 1,711.92 1,909.59 

 04/04/23 1,936.63 2,154.05 

 05/02/23 1,958.64 2,173.07 

 06/02/23 2,134.53 2,361.85 

 07/05/23 2,090.01 2,305.75 

 07/31/23 Bal 558,040.00 614,264.14 

 07/31/23 Acc 2,159.68 2,377.27 

 ---------------------------------------------------------------- 

 07/20/26 TOTALS: 20,624.36 -18,574.38 

 ---------------------------------------------------------------- 

 

 ISSUE DATE: 07/20/21 REBATABLE ARBITRAGE: -18,574.38 

 COMP DATE: 07/20/26 NET INCOME: 20,624.36 

 BOND YIELD: 3.255937% TAX INV YIELD: 1.808322% 

 


$10,065,000 

Astonia Community Development District 

(Polk County, Florida) 

Special Assessment Bonds, Series 2021 

(Assessment Area Two Project) 

Interest Fund 

 

 

ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 

 

 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (3.255937%) 

 

 07/20/21 Beg Bal -275,785.89 -324,118.99 

 08/03/21 0.54 0.63 

 09/02/21 1.41 1.65 

 10/04/21 1.36 1.59 

 11/01/21 99,125.89 115,447.44 

 11/02/21 1.40 1.63 

 12/02/21 0.87 1.01 

 12/30/21 0.02 0.02 

 01/04/22 0.90 1.04 

 02/02/22 0.90 1.04 

 03/02/22 0.81 0.93 

 04/04/22 0.91 1.05 

 04/12/22 -5,890.52 -6,762.04 

 05/02/22 176,660.00 202,433.90 

 05/03/22 0.89 1.02 

 06/02/22 0.86 0.98 

 07/05/22 2.66 3.03 

 08/02/22 5.17 5.88 

 09/02/22 8.17 9.26 

 10/04/22 9.46 10.69 

 11/01/22 5,890.52 6,642.39 

 11/02/22 12.59 14.20 

 ---------------------------------------------------------------- 

 07/20/26 TOTALS: 48.92 -6,301.64 

 ---------------------------------------------------------------- 

 

 ISSUE DATE: 07/20/21 REBATABLE ARBITRAGE: -6,301.64 

 COMP DATE: 07/20/26 NET INCOME: 48.92 

 BOND YIELD: 3.255937% TAX INV YIELD: 0.028867% 

 


$10,065,000 

Astonia Community Development District 

(Polk County, Florida) 

Special Assessment Bonds, Series 2021 

(Assessment Area Two Project) 

Cost of Issuance Fund 

 

 

ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 

 

 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (3.255937%) 

 

 07/20/21 Beg Bal -126,367.77 -148,514.46 

 07/20/21 1,022.87 1,202.13 

 07/20/21 3,889.94 4,571.67 

 07/20/21 29,224.74 34,346.55 

 07/20/21 17,534.84 20,607.92 

 07/20/21 26,302.26 30,911.89 

 07/20/21 35,654.18 41,902.78 

 07/26/21 -4,725.00 -5,550.10 

 07/30/21 10,450.00 12,270.41 

 08/12/21 1,123.69 1,318.02 

 04/12/22 5,890.52 6,762.04 

 ---------------------------------------------------------------- 

 07/20/26 TOTALS: 0.27 -171.14 

 ---------------------------------------------------------------- 

 

 ISSUE DATE: 07/20/21 REBATABLE ARBITRAGE: -171.14 

 COMP DATE: 07/20/26 NET INCOME: 0.27 

 BOND YIELD: 3.255937% TAX INV YIELD: 0.005912% 

 


$10,065,000 

Astonia Community Development District 

(Polk County, Florida) 

Special Assessment Bonds, Series 2021 

(Assessment Area Two Project) 

Rebate Computation Credits 

 

 

ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 

 

 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (3.255937%) 

 

 07/20/22 -1,830.00 -2,082.37 

 07/20/23 -1,960.00 -2,159.41 

 ---------------------------------------------------------------- 

 07/20/26 TOTALS: -3,790.00 -4,241.78 

 ---------------------------------------------------------------- 

 

 ISSUE DATE: 07/20/21 REBATABLE ARBITRAGE: -4,241.78 

 COMP DATE: 07/20/26 

 BOND YIELD: 3.255937% 

 

 


 

 

REBATE REPORT 

 

$7,155,000 

 

Astonia Community Development District 

 

(Polk County, Florida) 

 

Special Assessment Bonds, Series 2021 

 

(North Parcel Assessment Area Project) 

 

 

 

 

 

 

 

Dated: July 20, 2021 

Delivered: July 20, 2021 

__________________________________ 

 

Rebate Report to the Computation Date 

July 20, 2026 

Reflecting Activity Through 

July 31, 2023 

 

 

 


 


 

 

TABLE OF CONTENTS 

 

 

 

AMTEC Opinion 

3 

 

 

Summary of Rebate Computations 

4 

 

 

Summary of Computational Information and Definitions 

5 

 

 

Methodology 

7 

 

 

Sources and Uses 

8 

 

 

Proof of Arbitrage Yield 

9 

 

 

Bond Debt Service 

11 

 

 

Arbitrage Rebate Calculation Detail Report – Acquisition and Construction Fund 

13 

 

 

Arbitrage Rebate Calculation Detail Report – Reserve Fund 

15 

 

 

Arbitrage Rebate Calculation Detail Report – Interest Fund 

16 

 

 

Arbitrage Rebate Calculation Detail Report – Cost of Issuance Fund 

17 

 

 

Arbitrage Rebate Calculation Detail Report – Rebate Computation Credits 

18 

 

 

 

 

 

 



 


 

 

September 15, 2023 

 

 

Astonia Community Development District 

 c/o Ms. Katie Costa 

Director of Operations – Accounting Division 

Government Management Services – CF, LLC 

6200 Lee Vista Boulevard, Suite 300 

Orlando, FL 32822 

 

 

Re: 

$7,155,000 Astonia Community Development District (Polk County, Florida), Special Assessment 
Bonds, Series 2021 (North Parcel Assessment Area Project) 



 

 

Dear Ms. Costa: 

 

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

 

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

 

Our engagement was limited to the computation of Rebatable Arbitrage based upon the information 
furnished to us by the District. In accordance with the terms of our engagement, we did not audit the 
information provided to us, and we express no opinion as to the completeness, accuracy or suitability of 
such information for purposes of calculating the Rebatable Arbitrage. 

 

We have scheduled the next Report as of July 31, 2024. Thank you for this engagement and should you 
have any questions, please do not hesitate to contact us. 

 

 

Very truly yours, 

 

 

 

Michael J. Scarfo 

Senior Vice President 

Caitlyn C. McGovern 

Assistant Vice President 



 



SUMMARY OF REBATE COMPUTATIONS 

 

Our computations, contained in the attached schedules, are summarized as follows: 

 

For the July 20, 2026 Computation Date 

Reflecting Activity from July 20, 2021 through July 31, 2023 

 

Fund 

Description 

Taxable 

Inv Yield 

Net 

Income 

Rebatable 

Arbitrage 

Acquisition and Construction Fund 

0.025616% 

353.47 

(51,565.86) 

Reserve Fund 

1.665368% 

12,787.40 

(13,710.92) 

Interest Fund 

0.006104% 

1.19 

(733.26) 

Cost of Issuance Fund 

0.005354% 

0.17 

(118.64) 

Totals 

0.603682% 

$13,142.23 

$(66,128.68) 

Bond Yield 

3.248193% 

 

Rebate Computation Credits 

(4,240.65) 

Net Rebatable Arbitrage 

$(70,369.33) 



 

 

 

Based upon our computations, no rebate liability exists. 


SUMMARY OF COMPUTATIONAL INFORMATION 

AND DEFINITIONS 

 

COMPUTATIONAL INFORMATION 

 

1. For the purpose of computing Rebatable Arbitrage, investment activity is reflected from July 20, 
2021, the date of the closing, through July 31, 2023, the Computation Period. All nonpurpose 
payments and receipts are future valued to the Computation Date of July 20, 2026. 


 

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


 

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


 

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


 

5. During the period between July 20, 2021 and July 31, 2023, the District made periodic payments 
into the Interest, Sinking, and Prepayment Accounts (collectively, the “Debt Service Fund”), that 
were used, along with the interest earned, to provide the required debt service payments. 


 

Under Section 148(f)(4)(A), the rebate requirement does not apply to amounts in certain bona fide 
debt service funds. The Regulations define a bona fide debt service fund as one that is used 
primarily to achieve a proper matching of revenues with principal and interest payments within each 
bond year. The fund must be depleted at least once each bond year, except for a reasonable 
carryover amount not to exceed the greater of the earnings on the fund for the immediately 
preceding bond year or 1/12th of the principal and interest payments on the issue for the immediately 
preceding bond year. 

 

We have reviewed the Debt Service Fund and have determined that the funds deposited have 
functioned as a bona fide debt service fund and are not subject to the rebate requirement. 

 

DEFINITIONS 

 

6. Computation Date 


 

July 20, 2026. 

 

7. Computation Period 


 

The period beginning on July 20, 2021, the date of the closing, and ending on July 31, 2023. 

 

8. Bond Year 


 

Each one-year period (or shorter period from the date of issue) that ends at the close of business on the 
day in the calendar year that is selected by the issuer. If no day is selected by the issuer before the earlier 
of the final maturity date of the issue or the date that is five years after the date of issue, each bond year 
ends at the close of business on the anniversary date of the issuance. 


9. Bond Yield 


 

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

 

10. Taxable Investment Yield 


 

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

 

11. Issue Price 


 

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

 

12. Rebatable Arbitrage 


 

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

 

13. Funds and Accounts 


 

The Funds and Accounts activity used in the compilation of this Report was received from the District 
and U.S. Bank, Trustee, as follows: 

 

Fund / Account 

Account Number 

Revenue 

221656000 

Interest 

221656001 

Sinking 

221656002 

Reserve 

221656003 

Prepayment 

221656004 

Acquisition and Construction 

221656005 

Cost of Issuance 

221656006 



 

 

 


METHODOLOGY 

 

Bond Yield 

 

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

 

Investment Yield and Rebate Amount 

 

The methodology used to calculate the Rebatable Arbitrage, as of July 31, 2023, was to calculate the 
future value of the disbursements from all funds, subject to rebate, and the value of the remaining bond 
proceeds, at the yield on the Bonds, to July 20, 2026. This figure was then compared to the future value 
of the deposit of bond proceeds into the various investment accounts at the same yield. The difference 
between the future values of the two cash flows, on July 20, 2026, is the Rebatable Arbitrage. 


$7,155,000 

Astonia Community Development District 

(Polk County, Florida) 

Special Assessment Bonds, Series 2021 

(North Parcel Assessment Area Project) 

Delivered: July 20, 2021 

 

Sources of Funds 



 

Par Amount 

$7,155,000.00 

Net Original Issue Premium 

 160,444.80 

Total 

$7,315,444.80 



 

 

Uses of Funds 



 

Acquisition and Construction Fund 

$6,617,650.67 

Reserve Fund 

395,372.50 

Interest Fund 

69,489.40 

Cost of Issuance Fund 

89,832.23 

Underwriter’s Discount 

 143,100.00 

Total 

$7,315,444.80 




Prepared by AMTEC (Finance 8.901) 
PROOF OF ARBITRAGE YIELD 
$7,155,000 
Astonia Community Development District 
(Polk County, Florida) 
Special Assessment Bonds, Series 2021 
(North Parcel Assessment Area Project) 
Present Value 
to 07/20/2021 
Date Debt Service @ 3.2481930269% 
11/01/2021 68,367.18 67,751.94 
05/01/2022 121,842.50 118,816.34 
11/01/2022 121,842.50 116,917.49 
05/01/2023 266,842.50 251,964.28 
11/01/2023 120,030.00 111,526.25 
05/01/2024 270,030.00 246,889.49 
11/01/2024 118,155.00 106,303.12 
05/01/2025 273,155.00 241,827.87 
11/01/2025 116,217.50 101,244.64 
05/01/2026 281,217.50 241,071.65 
11/01/2026 114,155.00 96,294.62 
05/01/2027 279,155.00 231,715.89 
11/01/2027 111,680.00 91,219.80 
05/01/2028 281,680.00 226,398.23 
11/01/2028 109,130.00 86,310.67 
05/01/2029 284,130.00 221,126.46 
11/01/2029 106,505.00 81,563.70 
05/01/2030 291,505.00 219,672.77 
11/01/2030 103,730.00 76,919.76 
05/01/2031 3,533,730.00 2,578,518.11 
11/01/2031 36,080.00 25,906.38 
05/01/2032 231,080.00 163,269.77 
11/01/2032 32,960.00 22,915.74 
05/01/2033 232,960.00 159,379.11 
11/01/2033 29,760.00 20,034.86 
05/01/2034 234,760.00 155,518.03 
11/01/2034 26,480.00 17,261.48 
05/01/2035 241,480.00 154,897.50 
11/01/2035 23,040.00 14,542.83 
05/01/2036 243,040.00 150,955.04 
11/01/2036 19,520.00 11,930.34 
05/01/2037 249,520.00 150,065.83 
11/01/2037 15,840.00 9,374.22 
05/01/2038 250,840.00 146,076.33 
11/01/2038 12,080.00 6,922.35 
05/01/2039 257,080.00 144,963.26 
11/01/2039 8,160.00 4,527.76 
05/01/2040 258,160.00 140,956.54 
11/01/2040 4,160.00 2,235.08 
05/01/2041 264,160.00 139,659.32 
9,644,259.68 7,155,444.80 
Proceeds Summary 
Delivery date 07/20/2021 
Par Value 6,995,000.00 
Premium (Discount) 160,444.80 
Target for yield calculation 7,155,444.80 

Prepared by AMTEC (Finance 8.901) 
PROOF OF ARBITRAGE YIELD 
$7,155,000 
Astonia Community Development District 
(Polk County, Florida) 
Special Assessment Bonds, Series 2021 
(North Parcel Assessment Area Project) 
Assumed Call/Computation Dates for Premium Bonds 
Bond Maturity Call Call Yield To 
Component Date Rate Yield Date Price Call/Maturity 
TERM04 05/01/2042 4.000% 3.400% 05/01/2031 100.000 3.4010631% 
TERM04 05/01/2043 4.000% 3.400% 05/01/2031 100.000 3.4010631% 
TERM04 05/01/2044 4.000% 3.400% 05/01/2031 100.000 3.4010631% 
TERM04 05/01/2045 4.000% 3.400% 05/01/2031 100.000 3.4010631% 
TERM04 05/01/2046 4.000% 3.400% 05/01/2031 100.000 3.4010631% 
TERM04 05/01/2047 4.000% 3.400% 05/01/2031 100.000 3.4010631% 
TERM04 05/01/2048 4.000% 3.400% 05/01/2031 100.000 3.4010631% 
TERM04 05/01/2049 4.000% 3.400% 05/01/2031 100.000 3.4010631% 
TERM04 05/01/2050 4.000% 3.400% 05/01/2031 100.000 3.4010631% 
TERM04 05/01/2051 4.000% 3.400% 05/01/2031 100.000 3.4010631% 
Rejected Call/Computation Dates for Premium Bonds 
Bond Maturity Call Call Yield To Increase 
Component Date Rate Yield Date Price Call/Maturity to Yield 
TERM04 05/01/2042 4.000% 3.400% 3.6579962% 0.2569331% 
TERM04 05/01/2043 4.000% 3.400% 3.6681748% 0.2671116% 
TERM04 05/01/2044 4.000% 3.400% 3.6774110% 0.2763479% 
TERM04 05/01/2045 4.000% 3.400% 3.6858241% 0.2847609% 
TERM04 05/01/2046 4.000% 3.400% 3.6935139% 0.2924508% 
TERM04 05/01/2047 4.000% 3.400% 3.7005649% 0.2995018% 
TERM04 05/01/2048 4.000% 3.400% 3.7070490% 0.3059859% 
TERM04 05/01/2049 4.000% 3.400% 3.7130277% 0.3119645% 
TERM04 05/01/2050 4.000% 3.400% 3.7185539% 0.3174908% 
TERM04 05/01/2051 4.000% 3.400% 3.7236735% 0.3226104% 

Prepared by AMTEC (Finance 8.901) 
BOND DEBT SERVICE 
$7,155,000 
Astonia Community Development District 
(Polk County, Florida) 
Special Assessment Bonds, Series 2021 
(North Parcel Assessment Area Project) 
Period Annual 
Ending Principal Coupon Interest Debt Service Debt Service 
07/20/2021 
11/01/2021 68,367.18 68,367.18 
05/01/2022 121,842.50 121,842.50 190,209.68 
11/01/2022 121,842.50 121,842.50 
05/01/2023 145,000 2.500% 121,842.50 266,842.50 388,685.00 
11/01/2023 120,030.00 120,030.00 
05/01/2024 150,000 2.500% 120,030.00 270,030.00 390,060.00 
11/01/2024 118,155.00 118,155.00 
05/01/2025 155,000 2.500% 118,155.00 273,155.00 391,310.00 
11/01/2025 116,217.50 116,217.50 
05/01/2026 165,000 2.500% 116,217.50 281,217.50 397,435.00 
11/01/2026 114,155.00 114,155.00 
05/01/2027 165,000 3.000% 114,155.00 279,155.00 393,310.00 
11/01/2027 111,680.00 111,680.00 
05/01/2028 170,000 3.000% 111,680.00 281,680.00 393,360.00 
11/01/2028 109,130.00 109,130.00 
05/01/2029 175,000 3.000% 109,130.00 284,130.00 393,260.00 
11/01/2029 106,505.00 106,505.00 
05/01/2030 185,000 3.000% 106,505.00 291,505.00 398,010.00 
11/01/2030 103,730.00 103,730.00 
05/01/2031 190,000 3.000% 103,730.00 293,730.00 397,460.00 
11/01/2031 100,880.00 100,880.00 
05/01/2032 195,000 3.200% 100,880.00 295,880.00 396,760.00 
11/01/2032 97,760.00 97,760.00 
05/01/2033 200,000 3.200% 97,760.00 297,760.00 395,520.00 
11/01/2033 94,560.00 94,560.00 
05/01/2034 205,000 3.200% 94,560.00 299,560.00 394,120.00 
11/01/2034 91,280.00 91,280.00 
05/01/2035 215,000 3.200% 91,280.00 306,280.00 397,560.00 
11/01/2035 87,840.00 87,840.00 
05/01/2036 220,000 3.200% 87,840.00 307,840.00 395,680.00 
11/01/2036 84,320.00 84,320.00 
05/01/2037 230,000 3.200% 84,320.00 314,320.00 398,640.00 
11/01/2037 80,640.00 80,640.00 
05/01/2038 235,000 3.200% 80,640.00 315,640.00 396,280.00 
11/01/2038 76,880.00 76,880.00 
05/01/2039 245,000 3.200% 76,880.00 321,880.00 398,760.00 
11/01/2039 72,960.00 72,960.00 
05/01/2040 250,000 3.200% 72,960.00 322,960.00 395,920.00 
11/01/2040 68,960.00 68,960.00 
05/01/2041 260,000 3.200% 68,960.00 328,960.00 397,920.00 
11/01/2041 64,800.00 64,800.00 
05/01/2042 270,000 4.000% 64,800.00 334,800.00 399,600.00 
11/01/2042 59,400.00 59,400.00 
05/01/2043 280,000 4.000% 59,400.00 339,400.00 398,800.00 
11/01/2043 53,800.00 53,800.00 
05/01/2044 290,000 4.000% 53,800.00 343,800.00 397,600.00 
11/01/2044 48,000.00 48,000.00 
05/01/2045 305,000 4.000% 48,000.00 353,000.00 401,000.00 
11/01/2045 41,900.00 41,900.00 
05/01/2046 315,000 4.000% 41,900.00 356,900.00 398,800.00 
11/01/2046 35,600.00 35,600.00 
05/01/2047 330,000 4.000% 35,600.00 365,600.00 401,200.00 
11/01/2047 29,000.00 29,000.00 
05/01/2048 340,000 4.000% 29,000.00 369,000.00 398,000.00 
11/01/2048 22,200.00 22,200.00 
05/01/2049 355,000 4.000% 22,200.00 377,200.00 399,400.00 

 

Prepared by AMTEC (Finance 8.901) 
BOND DEBT SERVICE 
$7,155,000 
Astonia Community Development District 
(Polk County, Florida) 
Special Assessment Bonds, Series 2021 
(North Parcel Assessment Area Project) 
Period Annual 
Ending Principal Coupon Interest Debt Service Debt Service 
11/01/2049 15,100.00 15,100.00 
05/01/2050 370,000 4.000% 15,100.00 385,100.00 400,200.00 
11/01/2050 7,700.00 7,700.00 
05/01/2051 385,000 4.000% 7,700.00 392,700.00 400,400.00 
6,995,000 4,700,259.68 11,695,259.68 11,695,259.68 



$7,155,000 

Astonia Community Development District 

(Polk County, Florida) 

Special Assessment Bonds, Series 2021 

(North Parcel Assessment Area Project) 

Acquisition and Construction Fund 

 

 

ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 

 

 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (3.248193%) 

 

 07/20/21 Beg Bal -6,617,650.67 -7,774,470.38 

 08/03/21 3,460.00 4,060.11 

 08/03/21 319,952.29 375,445.48 

 08/03/21 63,354.73 74,343.11 

 08/10/21 37,764.76 44,287.00 

 08/11/21 105,690.00 123,932.32 

 08/11/21 300,945.02 352,888.78 

 08/11/21 388,358.59 455,390.13 

 08/12/21 310,466.75 364,021.40 

 08/24/21 54,652.22 64,010.79 

 08/24/21 151,042.43 176,906.72 

 08/26/21 360,179.15 421,780.22 

 08/26/21 117,312.90 137,376.80 

 08/26/21 8,932.00 10,459.63 

 08/26/21 9,082.42 10,635.78 

 08/26/21 4,100.00 4,801.22 

 08/30/21 176,286.58 206,362.80 

 09/03/21 10,485.00 12,270.55 

 09/03/21 7,781.75 9,106.95 

 09/09/21 547,413.55 640,291.68 

 09/09/21 18,904.20 22,111.62 

 09/09/21 148,701.84 173,931.67 

 09/21/21 14,344.33 16,760.08 

 09/21/21 18,276.98 21,355.04 

 09/21/21 34,650.00 40,485.46 

 10/08/21 146,250.00 170,620.40 

 10/12/21 136,828.40 159,571.69 

 10/21/21 -8,932.00 -10,408.27 

 10/25/21 754,092.14 878,412.87 

 10/25/21 29,884.00 34,810.72 

 10/25/21 64,693.98 75,359.52 

 10/25/21 103,177.44 120,187.42 

 11/10/21 60,531.00 70,415.63 

 11/10/21 166,760.98 193,992.82 

 11/10/21 2,052.00 2,387.09 

 11/10/21 502,275.97 584,296.95 

 11/19/21 619,410.03 719,978.64 

 11/19/21 1,625.00 1,888.84 

 11/19/21 2,041.25 2,372.67 

 11/19/21 347.50 403.92 

 12/02/21 272.00 315.79 

 12/02/21 40,719.00 47,275.18 

 12/23/21 727,254.46 842,764.39 

 12/23/21 17,129.00 19,849.60 

 12/23/21 39,181.46 45,404.66 

 

 


$7,155,000 

Astonia Community Development District 

(Polk County, Florida) 

Special Assessment Bonds, Series 2021 

(North Parcel Assessment Area Project) 

Acquisition and Construction Fund 

 

 

ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 

 

 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (3.248193%) 

 

 05/19/23 -197,686.25 -218,941.33 

 06/05/23 197,959.29 218,929.98 

 ---------------------------------------------------------------- 

 07/20/26 TOTALS: 353.47 -51,565.86 

 ---------------------------------------------------------------- 

 

 ISSUE DATE: 07/20/21 REBATABLE ARBITRAGE: -51,565.86 

 COMP DATE: 07/20/26 NET INCOME: 353.47 

 BOND YIELD: 3.248193% TAX INV YIELD: 0.025616% 

 


$7,155,000 

Astonia Community Development District 

(Polk County, Florida) 

Special Assessment Bonds, Series 2021 

(North Parcel Assessment Area Project) 

Reserve Fund 

 

 

ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 

 

 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (3.248193%) 

 

 07/20/21 Beg Bal -395,372.50 -464,486.86 

 08/03/21 0.78 0.92 

 09/02/21 2.02 2.36 

 10/04/21 1.95 2.28 

 11/02/21 2.01 2.34 

 12/02/21 1.96 2.28 

 12/30/21 0.04 0.05 

 01/04/22 2.01 2.33 

 02/02/22 2.01 2.32 

 03/02/22 1.82 2.10 

 04/04/22 2.03 2.33 

 05/03/22 1.95 2.23 

 06/02/22 55.80 63.75 

 07/05/22 178.85 203.73 

 08/02/22 346.98 394.29 

 09/02/22 548.19 621.26 

 10/04/22 635.01 717.59 

 11/02/22 845.20 952.73 

 12/02/22 1,042.66 1,172.16 

 01/04/23 1,182.68 1,325.76 

 02/02/23 1,262.52 1,411.72 

 03/02/23 1,212.90 1,352.60 

 04/04/23 1,372.10 1,525.76 

 05/02/23 1,387.70 1,539.24 

 05/19/23 197,686.25 218,941.33 

 06/02/23 1,192.77 1,319.48 

 07/05/23 740.39 816.63 

 07/31/23 Bal 197,686.25 217,554.44 

 07/31/23 Acc 765.07 841.96 

 ---------------------------------------------------------------- 

 07/20/26 TOTALS: 12,787.40 -13,710.92 

 ---------------------------------------------------------------- 

 

 ISSUE DATE: 07/20/21 REBATABLE ARBITRAGE: -13,710.92 

 COMP DATE: 07/20/26 NET INCOME: 12,787.40 

 BOND YIELD: 3.248193% TAX INV YIELD: 1.665368% 

 


$7,155,000 

Astonia Community Development District 

(Polk County, Florida) 

Special Assessment Bonds, Series 2021 

(North Parcel Assessment Area Project) 

Interest Fund 

 

 

ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 

 

 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (3.248193%) 

 

 07/20/21 Beg Bal -69,489.40 -81,636.72 

 08/03/21 0.14 0.16 

 09/02/21 0.36 0.42 

 10/01/21 0.34 0.40 

 11/01/21 69,489.40 80,902.07 

 11/02/21 0.35 0.41 

 ---------------------------------------------------------------- 

 07/20/26 TOTALS: 1.19 -733.26 

 ---------------------------------------------------------------- 

 

 ISSUE DATE: 07/20/21 REBATABLE ARBITRAGE: -733.26 

 COMP DATE: 07/20/26 NET INCOME: 1.19 

 BOND YIELD: 3.248193% TAX INV YIELD: 0.006104% 

 


$7,155,000 

Astonia Community Development District 

(Polk County, Florida) 

Special Assessment Bonds, Series 2021 

(North Parcel Assessment Area Project) 

Cost of Issuance Fund 

 

 

ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 

 

 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (3.248193%) 

 

 07/20/21 Beg Bal -89,832.23 -105,535.64 

 07/20/21 727.13 854.24 

 07/20/21 2,110.06 2,478.92 

 07/20/21 20,775.26 24,406.95 

 07/20/21 12,465.16 14,644.17 

 07/20/21 18,697.74 21,966.26 

 07/20/21 25,345.82 29,776.48 

 07/26/21 4,725.00 5,547.99 

 08/12/21 798.81 936.60 

 04/12/22 4,187.42 4,805.40 

 ---------------------------------------------------------------- 

 07/20/26 TOTALS: 0.17 -118.64 

 ---------------------------------------------------------------- 

 

 ISSUE DATE: 07/20/21 REBATABLE ARBITRAGE: -118.64 

 COMP DATE: 07/20/26 NET INCOME: 0.17 

 BOND YIELD: 3.248193% TAX INV YIELD: 0.005354% 

 


$7,155,000 

Astonia Community Development District 

(Polk County, Florida) 

Special Assessment Bonds, Series 2021 

(North Parcel Assessment Area Project) 

Rebate Computation Credits 

 

 

ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 

 

 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (3.248193%) 

 

 07/20/22 -1,830.00 -2,081.73 

 07/20/23 -1,960.00 -2,158.92 

 ---------------------------------------------------------------- 

 07/20/26 TOTALS: -3,790.00 -4,240.65 

 ---------------------------------------------------------------- 

 

 ISSUE DATE: 07/20/21 REBATABLE ARBITRAGE: -4,240.65 

 COMP DATE: 07/20/26 

 BOND YIELD: 3.248193% 

 

 


 

 951 Yamato Road ▪ Suite 280 

 Boca Raton, Florida 33431 

 (561) 994-9299 ▪ (800) 299-4728 

 Fax (561) 994-5823 

 www.graucpa.com 

 



2010 Grau Logo - HiRes 


September 19, 2023 

 

Board of Supervisors 

Astonia Community Development District 

219 East Livingston Street 

Orlando, FL 32801 

 

We are pleased to confirm our understanding of the services we are to provide Astonia Community Development District, Polk County, 
Florida (“the District”) for the fiscal year ended September 30, 2023. We will audit the financial statements of the governmental activities 
and each major fund, including the related notes to the financial statements, which collectively comprise the basic financial statements 
of Astonia Community Development District as of and for the fiscal year ended September 30, 2023. In addition, we will examine the 
District’s compliance with the requirements of Section 218.415 Florida Statutes. This letter serves to renew our agreement and establish 
the terms and fee for the 2023 audit. 

Accounting principles generally accepted in the United States of America provide for certain required supplementary information (RSI), 
such as management’s discussion and analysis (MD&A), to supplement the District’s basic financial statements. Such information, 
although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to 
be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical 
context. As part of our engagement, we will apply certain limited procedures to the District’s RSI in accordance with auditing standards 
generally accepted in the United States of America. These limited procedures will consist of inquiries of management regarding the 
methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the 
basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We will not express an 
opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to 
express an opinion or provide any assurance. 

The following RSI is required by generally accepted accounting principles and will be subjected to certain limited procedures, but will 
not be audited: 

1) Management’s Discussion and Analysis 
2) Budgetary comparison schedule 


The following other information accompanying the financial statements will not be subjected to the auditing procedures applied in our 
audit of the financial statements, and our auditor’s report will not provide an opinion or any assurance on that information: 

1) Compliance with FL Statute 218.39 (3) (c) 


Audit Objectives 

The objective of our audit is the expression of opinions as to whether your financial statements are fairly presented, in all material 
respects, in conformity with U.S. generally accepted accounting principles and to report on the fairness of the supplementary information 
referred to in the second paragraph when considered in relation to the financial statements as a whole. Our audit will be conducted in 
accordance with auditing standards generally accepted in the United States of America and the standards for financial audits contained 
in Government Auditing Standards, issued by the Comptroller General of the United States, and will include tests of the accounting 
records of the District and other procedures we consider necessary to enable us to express such opinions. We will issue a written report 
upon completion of our audit of the District’s financial statements. We cannot provide assurance that an unmodified opinion will be 
expressed. Circumstances may arise in which it is necessary for us to modify our opinion or add emphasis-of-matter or other-matter 
paragraphs. If our opinion on the financial statements is other than unmodified, we will discuss the reasons with you in advance. If, for 
any reason, we are unable to complete the audit or are unable to form or have not formed an opinion, we may decline to express an 
opinion or issue a report, or may withdraw from this engagement. 

We will also provide a report (that does not include an opinion) on internal control related to the financial statements and compliance 
with the provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a material effect on the 
financial statements as required by Government Auditing Standards. The report on internal control and on compliance and other matters 
will include a paragraph that states (1) that the purpose of the report is solely to describe the scope of testing of internal control and 
compliance, and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control on 
compliance, and (2) that the report is an integral part of an audit performed in accordance with Government Auditing Standards in 
considering the District’s internal control and compliance. The paragraph will also state that the report is not suitable for any other 
purpose. If during our audit we become aware that the District is subject to an audit requirement that is not encompassed in the terms 
of this engagement, we will communicate to management and those charged with governance that an audit in accordance with U.S. 
generally accepted auditing standards and the standards for financial audits contained in Government Auditing Standards may not 
satisfy the relevant legal, regulatory, or contractual requirements. 

 

 


Examination Objective 

The objective of our examination is the expression of an opinion as to whether the District is in compliance with Florida Statute 218.415 
in accordance with Rule 10.556(10) of the Auditor General of the State of Florida. Our examination will be conducted in accordance 
with attestation standards established by the American Institute of Certified Public Accountants and will include tests of your records 
and other procedures we consider necessary to enable us to express such an opinion. We will issue a written report upon completion 
of our examination of the District’s compliance. The report will include a statement that the report is intended solely for the information 
and use of management, those charged with governance, and the Florida Auditor General, and is not intended to be and should not be 
used by anyone other than these specified parties. We cannot provide assurance that an unmodified opinion will be expressed. 
Circumstances may arise in which it is necessary for us to modify our opinion or add emphasis-of-matter or other-matter paragraphs. If 
our opinion on the District’s compliance is other than unmodified, we will discuss the reasons with you in advance. If, for any reason, 
we are unable to complete the examination or are unable to form or have not formed an opinion, we may decline to express an opinion 
or issue a report, or may withdraw from this engagement. 

Other Services 

We will assist in preparing the financial statements and related notes of the District in conformity with U.S. generally accepted accounting 
principles based on information provided by you. These nonaudit services do not constitute an audit under Government Auditing 
Standards and such services will not be conducted in accordance with Government Auditing Standards. The other services are limited 
to the financial statement services previously defined. We, in our sole professional judgment, reserve the right to refuse to perform any 
procedure or take any action that could be construed as assuming management responsibilities. 

Management Responsibilities 

Management is responsible for compliance with Florida Statute 218.415 and will provide us with the information required for the 
examination. The accuracy and completeness of such information is also management’s responsibility. You agree to assume all 
management responsibilities relating to the financial statements and related notes and any other nonaudit services we provide. You will 
be required to acknowledge in the management representation letter our assistance with preparation of the financial statements and 
related notes and that you have reviewed and approved the financial statements and related notes prior to their issuance and have 
accepted responsibility for them. In addition, you will be required to make certain representations regarding compliance with Florida 
Statute 218.415 in the management representation letter. Further, you agree to oversee the nonaudit services by designating an 
individual, preferably from senior management, who possesses suitable skill, knowledge, or experience; evaluate the adequacy and 
results of those services; and accept responsibility for them. 

Management is responsible for designing, implementing and maintaining effective internal controls, including evaluating and monitoring 
ongoing activities, to help ensure that appropriate goals and objectives are met; following laws and regulations; and ensuring that 
management and financial information is reliable and properly reported. Management is also responsible for implementing systems 
designed to achieve compliance with applicable laws, regulations, contracts, and grant agreements. You are also responsible for the 
selection and application of accounting principles, for the preparation and fair presentation of the financial statements and all 
accompanying information in conformity with U.S. generally accepted accounting principles, and for compliance with applicable laws 
and regulations and the provisions of contracts and grant agreements. 

Management is also responsible for making all financial records and related information available to us and for the accuracy and 
completeness of that information. You are also responsible for providing us with (1) access to all information of which you are aware 
that is relevant to the preparation and fair presentation of the financial statements, (2) additional information that we may request for 
the purpose of the audit, and (3) unrestricted access to persons within the government from whom we determine it necessary to obtain 
audit evidence. 

Your responsibilities include adjusting the financial statements to correct material misstatements and for confirming to us in the written 
representation letter that the effects of any uncorrected misstatements aggregated by us during the current engagement and pertaining 
to the latest period presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole. 

You are responsible for the design and implementation of programs and controls to prevent and detect fraud, and for informing us about 
all known or suspected fraud affecting the government involving (1) management, (2) employees who have significant roles in internal 
control, and (3) others where the fraud could have a material effect on the financial statements. Your responsibilities include informing 
us of your knowledge of any allegations of fraud or suspected fraud affecting the government received in communications from 
employees, former employees, grantors, regulators, or others. In addition, you are responsible for identifying and ensuring that the 
government complies with applicable laws, regulations, contracts, agreements, and grants and for taking timely and appropriate steps 
to remedy fraud and noncompliance with provisions of laws, regulations, contracts or grant agreements, or abuse that we report. 

Management is responsible for establishing and maintaining a process for tracking the status of audit findings and recommendations. 
Management is also responsible for identifying and providing report copies of previous financial audits, attestation engagements, 
performance audits or other studies related to the objectives discussed in the Audit Objectives section of this letter. This responsibility 
includes relaying to us corrective actions taken to address significant findings and recommendations resulting from those audits, 
attestation engagements, performance audits, or other studies. You are also responsible for providing management’s views on our 
current findings, conclusions, and recommendations, as well as your planned corrective actions, for the report, and for the timing and 
format for providing that information. 

With regard to the electronic dissemination of audited financial statements, including financial statements published electronically on 
your website, you understand that electronic sites are a means to distribute information and, therefore, we are not required to read the 
information contained in these sites or to consider the consistency of other information in the electronic site with the original document. 

 

 


Audit Procedures—General 

An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, 
our audit will involve judgment about the number of transactions to be examined and the areas to be tested. An audit also includes 
evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by 
management, as well as evaluating the overall presentation of the financial statements. We will plan and perform the audit to obtain 
reasonable rather than absolute assurance about whether the financial statements are free of material misstatement, whether from (1) 
errors, (2) fraudulent financial reporting, (3) misappropriation of assets, or (4) violations of laws or governmental regulations that are 
attributable to the government or to acts by management or employees acting on behalf of the government. Because the determination 
of abuse is subjective, Government Auditing Standards do not expect auditors to provide reasonable assurance of detecting abuse. 

Because of the inherent limitations of an audit, combined with the inherent limitations of internal control, and because we will not perform 
a detailed examination of all transactions, there is a risk that material misstatements may exist and not be detected by us, even though 
the audit is properly planned and performed in accordance with U.S. generally accepted auditing standards and Government Auditing 
Standards. In addition, an audit is not designed to detect immaterial misstatements or violations of laws or governmental regulations 
that do not have a direct and material effect on the financial statements. Our responsibility as auditors is limited to the period covered 
by our audit and does not extend to later periods for which we are not engaged as auditors. 

Our procedures will include tests of documentary evidence supporting the transactions recorded in the accounts, and may include tests 
of the physical existence of inventories, and direct confirmation of receivables and certain other assets and liabilities by correspondence 
with selected individuals, funding sources, creditors, and financial institutions. We will request written representations from your 
attorneys as part of the engagement, and they may bill you for responding to this inquiry. At the conclusion of our audit, we will require 
certain written representations from you about your responsibilities for the financial statements; compliance with laws, regulations, 
contracts, and grant agreements; and other responsibilities required by generally accepted auditing standards. 

Audit Procedures—Internal Control 

Our audit will include obtaining an understanding of the government and its environment, including internal control, sufficient to assess 
the risks of material misstatement of the financial statements and to design the nature, timing, and extent of further audit procedures. 
Tests of controls may be performed to test the effectiveness of certain controls that we consider relevant to preventing and detecting 
errors and fraud that are material to the financial statements and to preventing and detecting misstatements resulting from illegal acts 
and other noncompliance matters that have a direct and material effect on the financial statements. Our tests, if performed, will be less 
in scope than would be necessary to render an opinion on internal control and, accordingly, no opinion will be expressed in our report 
on internal control issued pursuant to Government Auditing Standards. 

An audit is not designed to provide assurance on internal control or to identify significant deficiencies or material weaknesses. However, 
during the audit, we will communicate to management and those charged with governance internal control related matters that are 
required to be communicated under AICPA professional standards and Government Auditing Standards. 

Audit Procedures—Compliance 

As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we will perform 
tests of the District’s compliance with the provisions of applicable laws, regulations, contracts, agreements, and grants. However, the 
objective of our audit will not be to provide an opinion on overall compliance and we will not express such an opinion in our report on 
compliance issued pursuant to Government Auditing Standards. 

Engagement Administration, Fees, and Other 

We understand that your employees will prepare all cash or other confirmations we request and will locate any documents selected by 
us for testing. 

The audit documentation for this engagement is the property of Grau & Associates and constitutes confidential information. However, 
subject to applicable laws and regulations, audit documentation and appropriate individuals will be made available upon request and in 
a timely manner to a cognizant or oversight agency or its designee, a federal agency providing direct or indirect funding, or the U.S. 
Government Accountability Office for purposes of a quality review of the audit, to resolve audit findings, or to carry out oversight 
responsibilities. We will notify you of any such request. If requested, access to such audit documentation will be provided under the 
supervision of Grau & Associates personnel. Furthermore, upon request, we may provide copies of selected audit documentation to the 
aforementioned parties. These parties may intend, or decide, to distribute the copies or information contained therein to others, including 
other governmental agencies. Notwithstanding the foregoing, the parties acknowledge that various documents reviewed or produced 
during the conduct of the audit may be public records under Florida law. The District agrees to notify Grau & Associates of any public 
record request it receives that involves audit documentation. 

 

Furthermore, Grau & Associates agrees to comply with all applicable provisions of Florida law in handling such records, including but 
not limited to Section 119.0701, Florida Statutes. Auditor acknowledges that the designated public records custodian for the District is 
the District Manager (“Public Records Custodian”). Among other requirements and to the extent applicable by law, Grau & Associates 
shall 1) keep and maintain public records required by the District to perform the service; 2) upon request by the Public Records 
Custodian, provide the District with the requested public records or allow the records to be inspected or copied within a reasonable time 
period at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes; 3) ensure that public records which are exempt 
or confidential, and exempt from public records disclosure requirements, are not disclosed except as authorized by law for the duration 
of the contract term and following the contract term if Auditor does not transfer the records to the Public Records Custodian of the 
District; and 4) upon completion of the contract, transfer to the District, at no cost, all public records in Grau & Associate’s possession 
or, alternatively, keep, maintain and meet all applicable requirements for retaining public records pursuant to Florida laws. When such 
public records are transferred by Grau & Associates, Grau & Associates shall destroy any duplicate public records that are exempt or 
confidential and exempt from public records disclosure requirements. All records stored electronically must be provided to the District 
in a format that is compatible with Microsoft Word or Adobe PDF formats. 


IF GRAU & ASSOCIATES HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO ITS 
DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS AGREEMENT, CONTACT THE PUBLIC RECORDS CUSTODIAN AT: 

C/O GOVERNMENTAL MANAGEMENT SERVICES – CENTRAL FLORIDA LLC, 219 EAST LIVINGSTON STREET ORLANDO, 
FLORIDA 32801, OR RECORDREQUEST@GMSCFL.COM, PH: (407) 841-5524. 

 

Our fee for these services will not exceed $7,600 for the September 30, 2023 audit, unless there is a change in activity by the District 
which results in additional audit work or if additional Bonds are issued. This agreement is automatically renewed each year thereafter 
subject to the mutual agreement by both parties to all terms and fees. The fee for each annual renewal will be agreed upon separately. 

 

We will complete the audit within prescribed statutory deadlines, which requires the District to submit its annual audit to the Auditor 
General no later than nine (9) months after the end of the audited fiscal year, with the understanding that your employees will provide 
information needed to perform the audit on a timely basis. 

 

The audit documentation for this engagement will be retained for a minimum of five years after the report release date. If we are aware 
that a federal awarding agency or auditee is contesting an audit finding, we will contact the party(ies) contesting the audit finding for 
guidance prior to destroying the audit documentation. 

 

Our invoices for these fees will be rendered each month as work progresses and are payable on presentation. Invoices will be submitted 
in sufficient detail to demonstrate compliance with the terms of this agreement. In accordance with our firm policies, work may be 
suspended if your account becomes 60 days or more overdue and may not be resumed until your account is paid in full. If we elect to 
terminate our services for nonpayment, our engagement will be deemed to have been completed upon written notification of termination, 
even if we have not completed our report. You will be obligated to compensate us for all time expended and to reimburse us for all outof-
pocket costs through the date of termination. The above fee is based on anticipated cooperation from your personnel and the 
assumption that unexpected circumstances will not be encountered during the audit. If significant additional time is necessary, we will 
discuss it with you and arrive at a new fee estimate. 

 

The District has the option to terminate this agreement with or without cause by providing thirty (30) days written notice of termination 
to Grau & Associates. Upon any termination of this agreement, Grau & Associates shall be entitled to payment of all work and/or 
services rendered up until the effective termination of this agreement, subject to whatever claims or off-sets the District may have 
against Grau & Associates. 

 

We will provide you with a copy of our most recent external peer review report and any letter of comment, and any subsequent peer 
review reports and letters of comment received during the period of the contract. Our 2023 peer review report accompanies this letter. 

 

We appreciate the opportunity to be of service to Astonia Community Development District and believe this letter accurately summarizes 
the terms of our engagement and, with any addendum, if applicable, is the complete and exclusive statement of the agreement between 
Grau & Associates and the District with respect to the terms of the engagement between the parties. If you have any questions, please 
let us know. If you agree with the terms of our engagement as described in this letter, please sign the enclosed copy and return it to us. 

 

Very truly yours, 

 

Grau & Associates 

 

Tony, Jr 


 

______________________________ 

 Antonio J. Grau 

 

RESPONSE: 

This letter correctly sets forth the understanding of Astonia Community Development District. 

 

By: 

 

Title: 

 

Date: 




 

Close-up of a letter of approval
Description automatically generated

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

24 

Activity 

Responsibility 

Award scenario finalized; contract awarded; transition account to Securitas on agreed date 

Client, AVP & DM 

1 

3 

AVP 

Develop transition plan. Meet with Security team to discuss transition and finalize transition plan. 

1 

1 

DM & AVP 

5 

Conduct weekly Transition Team conference calls with all team members and client representatives to discuss 
progress on each action item outlined in transition plan. Outline any concerns or obstacles to success. 



6 

DM & AVP 

6 

Meet with the client to present the Securitas USA Service Initiation Kit. 

1 

1 

DM & HR Mgr. 

2 
Week 
1 
7 

3 
5 
4 
Conduct Operational Analysis 

1 

6 




Team Area 

Roles and Expectations 

Securitas Area Vice President 

The AVP will oversee the local management of the client's account from transition through day-to-day success. 

Human Resources Manager 

Recruit qualified candidates and process them through the system and prepare them for orientation 

Technology Director 

Technology Design, Implementation, Coordination and Training 

Regional Director Training & Develop. 

Train all employees from orientation through CPR, First Aid and AED. 

District Manager 

Operational analysis, review post orders, establish working schedules, create training program 

Compliance & License 

Insure that all employees are properly licensed with the State prior to beginning work at the client's site 

 

 

 

 

Security Transition Plan 





Transition Team Expectations 




 

Astonia CDD 

Field Management Report 

 


 

 

 

 

 

 

 


 

October 11th, 2023 

Allen Bailey 

Field Manager 

GMS 

 


 

 

 

 


 

Completed 

 


 

No Overnight Parking 

 


 

 

 


 The “NO OVERNIGHT 
PARKING” sign was 
installed at problem 
parking lot in Astonia 
North. 


 

 


 

 

 

 

 

 

 

 

 

 

Pond Trash Removal 

 


 

 
GMS staff cleaned 
Astonia North ponds of 
debris and trash. 


 


 

 

 

 


 

 

 

 

 

 


 

Complete 

 


 

Amenity Opening 

 


 

 

 
The amenity has been 
opened. 
Any Issues that come 
up have been 
addressed quickly. 


 


 

 

 

 


 

 

 

 

 

 

Amenity Pavers 

 


 

 


 GMS staff adjusted 
amenity pool deck pavers 
that had shifted. 


 

 


 

 

 


 


 

Complete 

 


 

Landscape on Little Zion Rd 

 


 

 

 The Landscape has been 
installed long Little Zion 
Rd phase 3. 
It is establishing and no 
problems have been 
observed. 


 


 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Site Item 

 


 

 

Pothole 

 


 

 There is a pothole roughly 
6’x2’ on James Paul Rd 
that will need patched. 


 

 


 

 

 

 

 

 

 

 

 


 

 

 

 The stormwater pond next 
to 877 Daring Dr is 
missing sod and has 
overgrown vegetation. 


 

 


 

 

 

 

 

 

Pond Bank on Daring Dr 

 


 

 


 


 

Site Items 

 


 

 

 

 
The open area next to 
884 Daring Dr does 
not appear to have 
been sodded and 
vegetation has 
become overgrown. 


 

 

 


 

 

 

 

 

Open Area on Daring Dr 

 


 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Site Items 

 


 

Old Construction Entrance Blocked Off 

 


 

 This area on Daring Dr 
was used by 
construction vehicles as 
an alternative entrance 
into the community. 
This access is no longer 
used for construction, 
and there have been 
unknown vehicles using 
it. We would like to place 
do not enter signage to 
deter unwanted traffic. 


 

 

 


 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Site Items 

 


 

Roundabout Street Name Signage 

 


 

 

 
The roundabouts in 
Astonia do not have 
street name signs. 


 

 

 


 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

A close-up of a plan
Description automatically generated 


 

 

 

 

 

 

 


 

 

 

Conclusion 

 


For any questions or comments regarding the above information, please contact me by phone at 
407-460-4424, or by email at abailey@gmscfl.com. Thank you. 

 

Respectfully, 

Allen Bailey 



Phone 863-422-5207 | Fax 863-422-1816 
Email: 
Qty Unit Unit Cost TOTAL 
1,590 Sqf $50.00 $795.00 
1 X $150.00 $150.00 
Total $945.00 
The customer agrees, that by signing this proposal, it shall become a legal and binding contract and shall supersede any previous 
agreements, discussed or implied. The customer further agrees to all terms and conditions set forth within and shall be responsible 
for any/all court and/or attorney fees incurred by Prince and Sons, Inc.required to obtain collection for any portion of money 
owed for material and/or work performed by Prince and Sons Inc. 
Date Submitted: Aug 15, 2023 
Accepted by: __________________________ 
Date Accepted: _____________________ 
Submitted by: Santos Jr Pantoja 
Cel.(407)460-4424 
Proposal to clean up, rake and install Bahia sod on the left retention pond next to home. 
Clean up Labor/Disposal 
Bahia Sod 
SUBMITTED TO: Job Name / Location: 
200 S. F. Street 
Haines City, Florida 33844 
Date: Aug 15, 2023 
ABailey@gmscfl.com 
Tel. (407)841-5524 
Polk County License # 214815 
Govermental Management Services - CFL 
Davenport, Fl 
Allen Bailey Astonia (877 Daring Dr.) 
Field Manager

Phone 863-422-5207 | Fax 863-422-1816 
Email: 
Qty Unit Unit Cost TOTAL 
2 $3,250.00 $3,250.00 
2 $2,669.00 $2,669.00 
Total $5,919.00 
The customer agrees, that by signing this proposal, it shall become a legal and binding contract and shall supersede any previous 
agreements, discussed or implied. The customer further agrees to all terms and conditions set forth within and shall be responsible 
for any/all court and/or attorney fees incurred by Prince and Sons, Inc.required to obtain collection for any portion of money 
owed for material and/or work performed by Prince and Sons Inc. 
Govermental Management Services - CFL 
Davenport, Fl 
Allen Bailey Astonia ( 884 Daring Dr.) 
Field Manager 
SUBMITTED TO: Job Name / Location: 
200 S. F. Street 
Haines City, Florida 33844 
Date: Sept 20, 2023 
ABailey@gmscfl.com 
Tel. (407)841-5524 
Polk County License # 214815 
Cel.(407)460-4424 
Proposal to grade, level and prepare for sod, on the side of home on the address aboved. 
Sod With Bahia Sod. 
Grade work and removal of Strippings. 
Date Submitted: Sept 20, 2023 
Accepted by: __________________________ 
Date Accepted: _____________________ 
Submitted by: Santos Jr Pantoja