REBATE REPORT $8,445,000 Storey Creek Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2019 (Assessment Area One Project) Dated: December 16, 2019 Delivered: December 16, 2019 _____________________________________________________ Rebate Report to the Computation Date December 16, 2027 Reflecting Activity To May 31, 2025 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 – Acquistion & Construction Fund 13 Arbitrage Rebate Calculation Detail Report – Debt Service Reserve Fund 14 Arbitrage Rebate Calculation Detail Report – Costs of Issuance Account 16 Arbitrage Rebate Calculation Detail Report – Rebate Computation Credits 17 June 16, 2025 Storey Creek Community Development District c/o Ms. Teresa Viscarra Government Management Services – CF, LLC 6200 Lee Vista Boulevard Suite 300 Orlando, FL 32822 Re: $8,445,000 Storey Creek Community Development District (Osceola County, Florida), Special Assessment Bonds, Series 2019 (Assessment Area One Project) Dear Ms.Viscarra: AMTEC has prepared certain computations relating to the above referenced bond issue (the “Bonds”) at the request of the Storey Creek Community Development District (the “District”). The scope of our engagement consisted of preparing the computations shown in the attached schedules to determine the Rebatable Arbitrage as described in Section 103 of the Internal Revenue Code of 1954, Section 148(f) of the Internal Revenue Code of 1986, as amended (the “Code”), and all applicable Regulations issued thereunder. The methodology used is consistent with current tax law and regulations and may be relied upon in determining the rebate liability. Certain computational methods used in the preparation of the schedules are described in the Summary of Computational Information and Definitions. Our engagement was limited to the computation of Rebatable Arbitrage based upon the information furnished to us by the District. In accordance with the terms of our engagement, we did not audit the information provided to us, and we express no opinion as to the completeness, accuracy or suitability of such information for purposes of calculating the Rebatable Arbitrage. We have scheduled our next Report as of December 31, 2025. Thank you and should you have any questions, please do not hesitate to contact us. Very truly yours, Michael J. Scarfo Senior Vice President Trong M. Tran Assistant Vice President SUMMARY OF REBATE COMPUTATIONS Our computations, contained in the attached schedules, are summarized as follows: For the December 16, 2027 Computation Date Reflecting Activity from December 16, 2019 through May 31, 2025 Fund Description Taxable Inv Yield Net Income Rebatable Arbitrage Acquisition & Construction Fund 0.302344% 3,258.82 (55,194.17) Debt Service Reserve Fund 2.086068% 28,729.94 (33,435.69) Costs of Issuance Account 0.083470% 3.50 (226.24) Totals 1.286181% $31,992.26 $(88,856.10) Bond Yield 4.067639% Rebate Computation Credits (11,476.07) Net Rebatable Arbitrage $(100,332.17) Based upon our computations, no rebate liability exists. SUMMARY OF COMPUTATIONAL INFORMATION AND DEFINITIONS COMPUTATIONAL INFORMATION 1. For purposes of computing Rebatable Arbitrage, investment activity is reflected from December 16, 2019, the date of the closing, to May 31, 2025, the Computation Period. All nonpurpose payments and receipts are future valued to the Computation Date of December 16, 2027. 2. Computations of yield are based on a 360-day year and semiannual compounding on the last day of each compounding interval. Compounding intervals end on a day in the calendar year corresponding to Bond maturity dates or six months prior. 3. For investment cash flow, debt service and yield computation purposes, all payments and receipts are assumed to be paid or received respectively, as shown on the attached schedules. 4. Purchase prices on investments are assumed to be at fair market value, representing an arm's length transaction. 5. During the period between December 16, 2019 and May 31, 2025, the District made periodic payments into 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 Funds and have determined that the funds deposited have functioned as a bona fide debt service fund and are not subject to the rebate requirement. 6. In accordance with Page C-1 of the Arbitrage and Tax Certificate, Exhibit C (Arbitrage Rebate Covenants) the first (initial) Computation Date must be within 60 days of the end of the third Bond Year. After the first required payment date (Computation Date) the District must consistently treat either the last day of each Bond Year or the last day of each fifth Bond Year as the (subsequent) Computation Date(s). Therefore, for purposes of the arbitrage calculation, the first Computation Date is Decemeber 16, 2022. DEFINITIONS 7. Computation Date December 16, 2027. 8. Computation Period The period beginning on December 16, 2019, the date of the closing, and ending on May 31, 2025. 9. 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. 10. 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. 11. 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. 12. Issue Price The price determined on the basis of the initial offering price at which price a substantial amount of the Bonds was sold. 13. 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. 14. 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 Fund 269426000 Interest Fund 269426001 Sinking Fund 269426002 Debt Service Reserve Fund 269426003 Prepayment Fund 269426004 Acqusition & Construction Fund 269426005 Costs of Issuance Account 269426006 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 May 31, 2025, 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 December 16, 2027. This figure was then compared to the future value of the deposit of bond proceeds into the various investment accounts at the same yield. The difference between the future values of the two cash flows, on December 16, 2027, is the Rebatable Arbitrage. $8,445,000 Storey Creek Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2019 (Assessment Area One Project) Delivered: December 16, 2019 Sources of Funds Par Amount $8,445,000.00 Net Original Issue Discount -49,376.25 Total $8,395,623.75 Uses of Funds Acquistion & Construction Fund $7,777,283.12 Debt Service Reserve Fund 245,665.63 Cost of Issuance Fund 203,775.00 Underwriter’s Discount 168,900.00 Total $8,395,623.75 Prepared by AMTEC (Finance 8.500) PROOF OF ARBITRAGE YIELD $8,445,000 Storey Creek Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2019 (Assessment Area One Project) Present Value to 12/16/2019 Date Debt Service @ 4.0676388471% 06/15/2020 163,990.10 160,739.30 12/15/2020 324,906.25 312,117.67 06/15/2021 162,406.25 152,904.01 12/15/2021 327,406.25 302,105.73 06/15/2022 159,828.13 144,537.68 12/15/2022 329,828.13 292,328.67 06/15/2023 157,171.88 136,525.70 12/15/2023 332,171.88 282,786.25 06/15/2024 154,437.50 128,855.82 12/15/2024 334,437.50 273,477.82 06/15/2025 151,625.00 121,516.10 12/15/2025 336,625.00 264,402.29 06/15/2026 148,734.38 114,494.88 12/15/2026 338,734.38 255,558.21 06/15/2027 145,290.63 107,429.62 12/15/2027 345,290.63 250,222.91 06/15/2028 141,665.63 100,614.98 12/15/2028 346,665.63 241,304.14 06/15/2029 137,950.00 94,109.08 12/15/2029 352,950.00 235,982.01 06/15/2030 134,053.13 87,841.25 12/15/2030 354,053.13 227,376.64 06/15/2031 130,065.63 81,864.54 12/15/2031 360,065.63 222,111.37 06/15/2032 125,465.63 75,852.47 12/15/2032 365,465.63 216,544.61 06/15/2033 120,665.63 70,071.32 12/15/2033 370,665.63 210,957.45 06/15/2034 115,665.63 64,516.79 12/15/2034 375,665.63 205,364.67 06/15/2035 110,465.63 59,184.41 12/15/2035 380,465.63 199,779.72 06/15/2036 105,065.63 54,069.52 12/15/2036 385,065.63 194,214.85 06/15/2037 99,465.63 49,167.33 12/15/2037 389,465.63 188,681.16 06/15/2038 93,665.63 44,472.91 12/15/2038 393,665.63 183,188.67 06/15/2039 87,665.63 39,981.25 12/15/2039 402,665.63 179,981.30 06/15/2040 81,365.63 35,643.44 12/15/2040 406,365.63 174,466.28 06/15/2041 74,662.50 31,416.15 12/15/2041 414,662.50 171,001.93 06/15/2042 67,650.00 27,341.98 12/15/2042 422,650.00 167,416.72 06/15/2043 60,328.13 23,420.37 12/15/2043 430,328.13 163,730.43 06/15/2044 52,696.88 19,650.36 12/15/2044 437,696.88 159,961.27 06/15/2045 44,756.25 16,030.64 12/15/2045 444,756.25 156,125.97 06/15/2046 36,506.25 12,559.61 12/15/2046 451,506.25 152,239.93 06/15/2047 27,946.88 9,235.36 12/15/2047 462,946.88 149,936.61 Prepared by AMTEC (Finance 8.500) PROOF OF ARBITRAGE YIELD $8,445,000 Storey Creek Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2019 (Assessment Area One Project) Present Value to 12/16/2019 Date Debt Service @ 4.0676388471% 06/15/2048 18,975.00 6,023.02 12/15/2048 468,975.00 145,894.17 06/15/2049 9,693.75 2,955.53 12/15/2049 479,693.75 143,338.88 14,685,765.29 8,395,623.75 Proceeds Summary Delivery date 12/16/2019 Par Value 8,445,000.00 Premium (Discount) -49,376.25 Target for yield calculation 8,395,623.75 Prepared by AMTEC (Finance 8.500) BOND DEBT SERVICE $8,445,000 Storey Creek Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2019 (Assessment Area One Project) Period Annual Ending Principal Coupon Interest Debt Service Debt Service 12/16/2019 06/15/2020 163,990.10 163,990.10 12/15/2020 160,000 3.125% 164,906.25 324,906.25 488,896.35 06/15/2021 162,406.25 162,406.25 12/15/2021 165,000 3.125% 162,406.25 327,406.25 489,812.50 06/15/2022 159,828.13 159,828.13 12/15/2022 170,000 3.125% 159,828.13 329,828.13 489,656.26 06/15/2023 157,171.88 157,171.88 12/15/2023 175,000 3.125% 157,171.88 332,171.88 489,343.76 06/15/2024 154,437.50 154,437.50 12/15/2024 180,000 3.125% 154,437.50 334,437.50 488,875.00 06/15/2025 151,625.00 151,625.00 12/15/2025 185,000 3.125% 151,625.00 336,625.00 488,250.00 06/15/2026 148,734.38 148,734.38 12/15/2026 190,000 3.625% 148,734.38 338,734.38 487,468.76 06/15/2027 145,290.63 145,290.63 12/15/2027 200,000 3.625% 145,290.63 345,290.63 490,581.26 06/15/2028 141,665.63 141,665.63 12/15/2028 205,000 3.625% 141,665.63 346,665.63 488,331.26 06/15/2029 137,950.00 137,950.00 12/15/2029 215,000 3.625% 137,950.00 352,950.00 490,900.00 06/15/2030 134,053.13 134,053.13 12/15/2030 220,000 3.625% 134,053.13 354,053.13 488,106.26 06/15/2031 130,065.63 130,065.63 12/15/2031 230,000 4.000% 130,065.63 360,065.63 490,131.26 06/15/2032 125,465.63 125,465.63 12/15/2032 240,000 4.000% 125,465.63 365,465.63 490,931.26 06/15/2033 120,665.63 120,665.63 12/15/2033 250,000 4.000% 120,665.63 370,665.63 491,331.26 06/15/2034 115,665.63 115,665.63 12/15/2034 260,000 4.000% 115,665.63 375,665.63 491,331.26 06/15/2035 110,465.63 110,465.63 12/15/2035 270,000 4.000% 110,465.63 380,465.63 490,931.26 06/15/2036 105,065.63 105,065.63 12/15/2036 280,000 4.000% 105,065.63 385,065.63 490,131.26 06/15/2037 99,465.63 99,465.63 12/15/2037 290,000 4.000% 99,465.63 389,465.63 488,931.26 06/15/2038 93,665.63 93,665.63 12/15/2038 300,000 4.000% 93,665.63 393,665.63 487,331.26 06/15/2039 87,665.63 87,665.63 12/15/2039 315,000 4.000% 87,665.63 402,665.63 490,331.26 06/15/2040 81,365.63 81,365.63 12/15/2040 325,000 4.125% 81,365.63 406,365.63 487,731.26 06/15/2041 74,662.50 74,662.50 12/15/2041 340,000 4.125% 74,662.50 414,662.50 489,325.00 06/15/2042 67,650.00 67,650.00 12/15/2042 355,000 4.125% 67,650.00 422,650.00 490,300.00 06/15/2043 60,328.13 60,328.13 12/15/2043 370,000 4.125% 60,328.13 430,328.13 490,656.26 06/15/2044 52,696.88 52,696.88 12/15/2044 385,000 4.125% 52,696.88 437,696.88 490,393.76 06/15/2045 44,756.25 44,756.25 12/15/2045 400,000 4.125% 44,756.25 444,756.25 489,512.50 06/15/2046 36,506.25 36,506.25 12/15/2046 415,000 4.125% 36,506.25 451,506.25 488,012.50 06/15/2047 27,946.88 27,946.88 12/15/2047 435,000 4.125% 27,946.88 462,946.88 490,893.76 Prepared by AMTEC (Finance 8.500) BOND DEBT SERVICE $8,445,000 Storey Creek Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2019 (Assessment Area One Project) Period Annual Ending Principal Coupon Interest Debt Service Debt Service 06/15/2048 18,975.00 18,975.00 12/15/2048 450,000 4.125% 18,975.00 468,975.00 487,950.00 06/15/2049 9,693.75 9,693.75 12/15/2049 470,000 4.125% 9,693.75 479,693.75 489,387.50 8,445,000 6,240,765.29 14,685,765.29 14,685,765.29 $8,445,000 Storey Creek Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2019 (Assessment Area One Project) Acquisition & Construction Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (4.067639%) 12/16/19 Beg Bal -7,777,283.12 -10,733,323.30 01/03/20 -16.15 -22.25 01/07/20 4,457,818.70 6,137,740.93 02/04/20 -31.21 -42.84 02/27/20 2,600,582.31 3,560,638.04 03/02/20 2,035.00 2,784.70 03/03/20 -25.84 -35.36 03/04/20 1,850.00 2,530.98 04/02/20 -11.65 -15.89 05/04/20 -2.01 -2.73 05/15/20 1,850.00 2,510.96 05/15/20 2,000.00 2,714.55 05/19/20 714,289.27 969,053.84 05/19/20 200.00 271.33 06/02/20 -2.08 -2.82 07/01/20 -1.21 -1.63 08/04/20 -1.14 -1.53 09/02/20 -1.04 -1.39 10/02/20 -1.01 -1.35 11/03/20 -1.04 -1.39 12/02/20 -1.01 -1.34 01/05/21 -1.04 -1.38 02/02/21 -1.04 -1.37 03/02/21 -0.94 -1.24 04/02/21 -1.04 -1.36 05/04/21 -1.01 -1.32 06/02/21 -1.04 -1.35 07/02/21 -1.01 -1.31 08/03/21 -1.04 -1.34 09/02/21 -1.04 -1.34 10/04/21 -1.01 -1.30 11/02/21 -1.04 -1.33 12/02/21 -1.01 -1.29 01/04/22 -1.04 -1.32 02/02/22 -1.04 -1.32 03/02/22 -0.94 -1.19 04/04/22 -1.04 -1.31 05/03/22 -1.01 -1.27 06/02/22 -1.04 -1.30 06/21/22 30.42 37.94 ---------------------------------------------------------------- 12/16/27 TOTALS: 3,258.82 -55,194.17 ---------------------------------------------------------------- ISSUE DATE: 12/16/19 REBATABLE ARBITRAGE: -55,194.17 COMP DATE: 12/16/27 NET INCOME: 3,258.82 BOND YIELD: 4.067639% TAX INV YIELD: 0.302344% $8,445,000 Storey Creek Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2019 (Assessment Area One Project) Debt Service Reserve Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (4.067639%) 12/16/19 Beg Bal -245,665.63 -339,039.82 01/03/20 16.15 22.25 02/04/20 31.21 42.84 03/03/20 25.84 35.36 04/02/20 11.65 15.89 05/04/20 2.01 2.73 06/02/20 2.08 2.82 07/02/20 1.21 1.63 08/04/20 1.14 1.53 09/02/20 1.04 1.39 10/02/20 1.01 1.35 11/03/20 1.04 1.39 12/02/20 1.01 1.34 01/05/21 1.04 1.38 02/02/21 1.04 1.37 03/02/21 0.94 1.24 04/02/21 1.04 1.36 05/04/21 1.01 1.32 06/02/21 1.04 1.35 07/02/21 1.01 1.31 08/03/21 1.04 1.34 09/02/21 1.04 1.34 10/04/21 1.01 1.30 11/02/21 1.04 1.33 12/02/21 1.01 1.29 01/04/22 1.04 1.32 02/02/22 1.04 1.32 03/02/22 0.94 1.19 04/04/22 1.04 1.31 05/03/22 1.01 1.27 06/02/22 1.04 1.30 07/05/22 1.01 1.26 08/02/22 1.04 1.29 09/02/22 162.03 200.49 10/04/22 302.88 373.43 11/02/22 371.53 456.64 12/02/22 393.74 482.32 01/04/23 459.02 560.27 02/02/23 488.30 594.15 03/02/23 442.87 537.06 04/04/23 597.67 722.20 05/02/23 745.75 898.31 06/02/23 772.00 926.82 07/05/23 767.28 917.76 08/02/23 894.15 1,066.28 09/05/23 1,116.26 1,326.25 10/03/23 1,080.26 1,279.46 $8,445,000 Storey Creek Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2019 (Assessment Area One Project) Debt Service Reserve Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (4.067639%) 11/02/23 1,116.42 1,318.01 12/04/23 1,072.51 1,261.65 01/03/24 1,102.26 1,292.44 02/02/24 1,092.41 1,276.75 03/04/24 1,022.09 1,190.29 04/02/24 1,092.85 1,268.72 05/02/24 1,057.33 1,223.37 06/04/24 1,092.56 1,259.61 07/02/24 1,057.33 1,215.18 08/02/24 1,091.91 1,250.72 09/04/24 1,091.73 1,246.05 10/02/24 1,016.24 1,156.26 11/04/24 987.67 1,119.74 12/03/24 917.47 1,036.78 01/03/25 913.82 1,029.20 02/04/25 886.03 994.45 03/04/25 800.29 895.21 04/02/25 866.01 965.69 05/02/25 857.44 952.93 05/31/25 Bal 245,665.63 272,171.33 05/31/25 Acc 886.02 981.62 ---------------------------------------------------------------- 12/16/27 TOTALS: 28,729.94 -33,435.69 ---------------------------------------------------------------- ISSUE DATE: 12/16/19 REBATABLE ARBITRAGE: -33,435.69 COMP DATE: 12/16/27 NET INCOME: 28,729.94 BOND YIELD: 4.067639% TAX INV YIELD: 2.086068% $8,445,000 Storey Creek Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2019 (Assessment Area One Project) Costs of Issuance Account ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (4.067639%) 12/16/19 Beg Bal -203,775.00 -281,227.12 12/16/19 30,000.00 41,402.59 12/16/19 6,000.00 8,280.52 12/16/19 45,000.00 62,103.89 12/16/19 40,000.00 55,203.46 12/16/19 8,050.00 11,109.70 12/16/19 740.00 1,021.26 12/18/19 60,500.00 83,476.56 12/26/19 5,675.00 7,823.24 03/10/20 1,250.00 1,708.98 06/23/20 6,563.50 8,870.69 ---------------------------------------------------------------- 12/16/27 TOTALS: 3.50 -226.24 ---------------------------------------------------------------- ISSUE DATE: 12/16/19 REBATABLE ARBITRAGE: -226.24 COMP DATE: 12/16/27 NET INCOME: 3.50 BOND YIELD: 4.067639% TAX INV YIELD: 0.083470% $8,445,000 Storey Creek Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2019 (Assessment Area One Project) Rebate Computation Credits ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (4.067639%) 12/16/20 -1,760.00 -2,333.09 12/16/21 -1,780.00 -2,266.47 12/16/22 -1,830.00 -2,238.17 12/16/23 -1,960.00 -2,302.55 12/16/24 -2,070.00 -2,335.80 ---------------------------------------------------------------- 12/16/27 TOTALS: -9,400.00 -11,476.07 ---------------------------------------------------------------- ISSUE DATE: 12/16/19 REBATABLE ARBITRAGE: -11,476.07 COMP DATE: 12/16/27 BOND YIELD: 4.067639%