Blackburn Creek Community Development District
3501 Quadrangle Boulevard, Suite 270, Orlando, FL 32817
Phone 407-723-5900; Fax 407-723-5901
www.blackburncreekcdd.com

The meeting of the Board of Supervisors for the Blackburn Creek Community Development District will be held Tuesday, February 10, 2026, at 11:00 a.m. located at 6853 Energy Ct, Lakewood Ranch, FL 34240. The following is the proposed agenda for this meeting.
Call in number: 1-844-621-3956	Passcode: 2538 286 6774 #

BOARD OF SUPERVISORS’ MEETING AGENDA
Organizational Matters
Call to Order
Roll Call
Public Comment Period [for any members of the public desiring to speak on any proposition before the Board]

General Business Matters
Consideration of the Minutes of the January 13, 2026, Board of Supervisors Meeting
Update on Grand Palm Master Proposals:
Transfer Southwest Florida Water Management District Permits to Master HOA
Discussion to Manage and Maintain on a Fee Basis all HOA Stormwater Components and Permit Inspections/Reporting
Discussion of Potential Town Hall Meeting
Review and Acceptance of the Series 2015A-1 and Series A-2 (Grand Palm Project) Arbitrage Rebate Report as of 10/26/2020
Review and Acceptance of the Series 2015A-1 and Series A-2 (Grand Palm Project) Arbitrage Rebate Report as of 10/26/2025
Ratification of Payment Authorization No. 254
Review of District Financial Statements (provided under separate cover)

Other Business
Staff Reports
District Counsel
District Engineer
-	Bank Repair and Eroded Weir Proposals
(provided under separate cover)
District Manager
Next Meeting March10, 2026
District Accountant
Audience Comments
Supervisors Request
Adjournment 

Blackburn Creek Community Development District

Consideration of the Minutes of the January 13, 2026, Board of Supervisors Meeting

MINUTES OF MEETING

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS MEETING MINUTES
Tuesday, January 13, 2026, at 11:00 a.m. 6853 Energy Ct., Lakewood Ranch, FL 34240
Board Members Present via Speaker or in Person: Kevin Johnson	Chairperson
Kirk Fegley	Vice Chairperson
Michael Sprout	Assistant Secretary	(via phone) Phil Davis	 Assistant Secretary
Also Present via Speaker or in Person:

Venessa Ripoll	District Manager- PFM Group Consulting LLC
Rick Montejano	Accountant - PFM Group Consulting LLC	(via phone)	
Andy Cohen	District Counsel		
Robert Dvorak	District Engineer - BDI	(via phone)	

FIRST ORDER OF BUSINESS	Organizational Matters Call to Order and Roll Call
The Board of Supervisors’ Meeting for the Blackburn Creek CDD was called to order at approximately 11:01 a.m. by Ms. Ripoll. She proceeded with roll call and confirmed quorum. Those in attendance are outlined above either in person or via speaker phone.

On MOTION by Mr. Fegley, seconded by Mr. Davis, with all in favor, the Board approved to allow Mr. Sprout to vote by phone.

Public Comment Period

There were no members of the public present.

SECOND ORDER OF BUSINESS	General Business Matters

Consideration  of  the  Minutes  of  the
December 9, 2025, Board of Supervisors’ Meeting

The Board reviewed the minutes.
It was noted Mr. Fegley should be changed to Mr. Sprout on Page 2.

There was brief discussion regarding the verbiage on Page 3, in regard to the parcels owned by the Association. It was noted it should state “Grand Palm Neighborhood Association #1 has two owned parcels, 601 and 606”.

Once approved, these will be posted on the District’s website.

On MOTION by Mr. Johnson, seconded by Mr. Davis, with all in favor, the Board approved the Minutes of the December 9, 2025, Board of Supervisors’ Meeting.

Update on Grand Palm Master Proposals:
Transfer Southwest Florida Water Management District Permits to Master HOA
Discussion to Manage and Maintain on a Fee Basis all HOA Stormwater Components and Permit Inspections/Reporting
There was no update at this time regarding the permits. It was noted that the HOA Treasurer is now the CDD liaison.
Mr. Sprout noted he has been in communication with the Master Association. The HOA has been advised by their Counsel not to sign the permit changes until their settlement with Neal Communities is complete. If it is possible to proceed with the Southwest Florida Water Management District inspections under the existing permits, the HOA Board is willing to fund and support those inspections in order to avoid fines.

It was noted there is only an agreement in place with Master Association #1.

There was discussion regarding the proposal and the process of remediation. It was noted the HOA Board does not want to proceed with a proposal or agreement at this time.
It was noted the HOA must do their own inspection at their own cost. Inspections cannot be completed by the CDD as it is not the permittee. Only if an agreement is signed, can the CDD proceed with payment. The District Engineer can provide a documented map of the CDD responsibilities versus the HOA responsibilities.
There was brief discussion regarding the action against Neal Communities.

It was recommended that Mr. Sprout follow up with the HOA regarding what the next steps will be. It was noted public funds cannot be spent on private property.

There was continued discussion regarding the inspection and the permitting. Mr. Dvorak noted he has kept Southwest Florida Water Management District inspections updated and there should not be a fine.

It was noted that each neighborhood association has a different registered agent.
Mr. Sprout will follow up with Melinda, from the Master Association, regarding the timeframe and discussion. District Counsel recommended putting a response time limit in that communication. All responses will be sent to District Management. Ms. Ripoll, with direction from District Counsel, will send a letter to the Master Association and note that inspections cannot happen until the permits are signed and the CDD will only maintain their own infrastructure.

This item will be kept on the agenda.

Discussion of Potential Town Hall Meeting
This item was deferred until a response is received from the Master Association.

Ratification of Payment Authorization Nos. 251-253
Ms. Ripoll stated these are for contractual obligations and solely for ratification.

On MOTION by Mr. Fegley, seconded by Mr. Johnson, with all in favor, the Board ratified Payment Authorization Nos. 251 -253.

Review of District Financial Statements

Ms. Ripoll stated that the District financials are updated through December 2025. The Board reviewed the financial statements.
There was brief discussion regarding the cash balances. It was recommended to complete a money market move based on the monies collected. Mr. Montejano will follow up.

On MOTION by Mr. Johnson, seconded by Mr. Fegley, with all in favor, the Board approved the District Financials.

THIRD ORDER OF BUSINESS	Staff Reports
District Counsel –	No report.

District Engineer –
Bank Repair and Eroded Weir Proposals
Mr. Dvorak noted that Kirk will be continuing the storm sewer inspection and completing the scope of work for the March/April maintenance project with Finn Outdoor. Finn Outdoor will be providing proposals for the bank repair and eroded weir based on the scope of work. This proposal will be provided to the HOA.

Follow up with the District Engineer if any other issues need inspection while Kirk is on property next Tuesday. Mr. Johnson gave an update on the community gates that are open during the day for entrance.
There was brief discussion regarding the inspection and proposal. The Board agreed to not move forward with the inspection or proposal. Recommendations will be given to the HOA to proceed as they choose.
District Manager –	Ms. Ripoll noted the next Board meeting is February 10, 2026, at
11:00 a.m., at the current location.

There was brief discussion regarding the bond deadline approaching for refinancing. Mr. Montejano will follow up with Mr. Plenzler with PFM Financial Advisors.

FOURTH ORDER OF BUSINESS	Audience	Comments	and	Supervisor
Requests
There were no comments or supervisor requests at this time.

FIFTH ORDER OF BUSINESS	Adjournment
There was no additional business to discuss. Ms. Ripoll requested a motion to adjourn.

ON MOTION by Mr. Davis, seconded by Mr. Fegley, with all in favor, the January 13, 2026, Meeting of the Board of Supervisors of the Blackburn Creek Community Development District was adjourned at approximately 11:50 a.m.

Secretary/Assistant Secretary	Chair/Vice Chair

	

Blackburn Creek Community Development District

Update on Grand Palm Master Proposals:
Transfer Southwest Florida Water Management District Permits to Master HOA
	Discussion to Manage and Maintain on a Fee Basis all HOA Stormwater Components and
Permit Inspections/Reporting

Blackburn Creek Community Development District

Discussion of Potential Town Hall Meeting

Blackburn Creek Community Development District

Review and Acceptance of the Series 2015A-1 and Series A-2 (Grand Palm Project) Arbitrage Rebate Report as of 10/26/2020

Blackburn Creek Community Development District
$8,765,000 Special Assessment Revenue Bonds,
Series 2015A-1 and Series 2015A-2 (Grand Palm Project)
Installment Date Computation

For the period October 26, 2015 through October 26, 2020

Tax Exempt Compliance Services, LLC (Wholly owned subsidiary of GNP Services, CPA, PA)
P.O. Box 1179
Orange Park, FL 32067-1179 linda@dufresnecpas.com or tisha@gnpcpas.com 904-327-8377

January 2, 2026

Mr. Kevin Johnson, Chairman Blackburn Creek CDD
3501 Quadrangle Blvd., Suite 270
Orlando, Florida 32817

RE: Installment Date Computation

Dear Mr. Johnson:
Tax Exempt Compliance Services, LLC has been requested to compute the Rebatable Arbitrage Liability with respect to the Blackburn Creek Community Development District
$8,765,000 Special Assessment Revenue Bonds, Series 2015A-1 and Series 2015A-2 (Grand Palm Project). All computations included herein are mathematically accurate and have been performed in accordance with the Code. All capitalized terms are defined in the attached report.

There is no Rebatable Arbitrage Liability or Yield Reduction Payment Amount for the Cumulative Computation Period. Accordingly, there is no amount due to the
U.S. Government as of the Current Installment Computation Date.

The next Installment Computation Date is October 26, 2025.

Please see attached supporting schedules for further details. If you have questions regarding this report, or any other concerns, please call (904) 327-8377.

Very truly yours,

Tax Exempt Compliance Services, LLC Enclosure
cc: Ms. Venessa Ripoll, Public Financial Management

CONTENTS
DEFINITIONS	1
Summary of Bond Document Representations and
RELATED CONCLUSIONS	2
ASSUMPTIONS	3
SOURCES AND USES	3
Conclusions
Arbitrage Yield/Investment Yield Comparison	4
Rebatable Arbitrage Liability Expectation	4
Rebatable Arbitrage Liability	5
Restricted Yield/Investment Yield Comparison	5
RECORD KEEPING REQUIREMENTS	5

Supporting Schedules
Synopsis of Computation Results

Rebatable Arbitrage Liability Computations

Acquisition and Construction Fund	A

2015A-1 Reserve Fund	B
2015A-2 Reserve Fund	C

Costs of Issuance Fund	D

Yield Reduction Payment Computations

Acquisition and Construction Fund - Yield Restriction Proof	E

Definitions
Arbitrage Yield - The semiannual discount rate at which the present value of payments of principal and interest equals the par amount of the bonds adjusted as follows: if applicable, plus accrued interest and original issue premium, and less original issue discount, cost of credit enhancement and/or reserve surety.
Bona Fide Debt Service Fund - A fund that is used primarily to achieve a proper matching of revenues with principal and interest payments within each bond year and that may be excluded from the Rebatable Arbitrage Liability computation if the requirements specified in the Code for the Bona Fide Debt Service Fund exemption are met.
Bond Documents - Federal Tax Certificate and IRS Form 8038-G executed as of the Issue Date and information regarding the investment and expenditures of gross proceeds. Nothing has come to our attention that has led us to conclude that any of the information included in these documents has been affected by events or circumstances occurring after their respective dates.
Bonds - Blackburn Creek Community Development District $8,765,000 Special Assessment Revenue Bonds, Series 2015A-1 and Series 2015A-2 (Grand Palm Project)
Code - Section 148(f) of the Internal Revenue Code of 1986 and existing applicable Treasury Regulations
Cumulative Computation Period - The period beginning on the Issue Date and ending on the Current Installment Computation Date
Cumulative Rebatable Arbitrage Liability - The Rebatable Arbitrage Liability for the Cumulative Computation Period
Current Installment Computation Date - October 26, 2020
Debt Service Funds - The 2015A-1 Interest, 2015A-1 Sinking, 2015A-1 Prepayment, 2015A-2 Interest, 2015A-2 Sinking and 2015A-2 Prepayment Funds and the debt service portion of the Revenue Fund
Installment Computation Dates - Any date not later than the fifth anniversary of the Issue Date of the Bonds and each subsequent fifth year thereafter. For the Bonds, the Installment Computation Dates are October 26, 2020 and each subsequent fifth October 26 thereafter.
Issue Date - October 26, 2015
Issuer - Blackburn Creek Community Development District

Rebatable Arbitrage Liability - The excess of receipts over payments calculated in accordance with the Code
Rebatable Arbitrage Liability Payment Due Date - The date that is no later than sixty days past each Installment Computation Date
Restricted Yield - The Arbitrage Yield plus .125 percentage points
Yield Reduction Payment Amount - The payment amount made to the federal government in order to reduce the yield on investment of Bond proceeds to meet yield restriction requirements under the Code
Yield Restricted Period - The period beginning on October 26, 2018 and ending on the Current Installment Computation Date

Summary of Bond Document Representations and Related Conclusions
Representations
The Bond Documents state the following:
The Bonds were issued on October 26, 2015.
The 2015A-1 Reserve Fund and 2015A-2 Reserve Fund are “reasonably required” in accordance with the Code.
The temporary period for the Acquisition and Construction Fund is three years.
The Debt Service Funds are expected to meet the requirements of a Bona Fide Debt Service Fund.
The Arbitrage Yield is 6.315632%.
The Bonds were issued for the purpose of providing funds to (i) finance the completion of the cost of acquisition, construction, installation and equipping of the Project; (ii) pay certain costs associated with the issuance of the Bonds; and (iii) fund the 2015A-1 Reserve Fund and 2015A-2 Reserve Fund.

Related Conclusions
We have concluded the following:
The Bonds are subject to the 1993 Regulations. New regulations or rulings that apply to the Bonds may be enacted. If so, it should be determined

that the computation of the Rebatable Arbitrage Liability complies with any applicable changes.
The next Rebatable Arbitrage Liability Payment Due Date is December 25, 2025, assuming an Installment Computation Date of October 26, 2025.
The 2015A-1 Reserve Fund and 2015A-2 Reserve Fund may be invested at an unrestricted yield.
No yield reduction payments will be required for the Yield Restricted Period.
The Debt Service Funds have been appropriately excluded from the Rebatable Arbitrage Liability computation because they met the Bona Fide Debt Service Fund exemption requirements.
Assumptions
Certain Bond documents, financial records and other materials relevant to the computation of the Rebatable Arbitrage Liability have been provided to us by various parties. Nothing has come to our attention to lead us to conclude that any of the information provided includes errors or omissions; therefore we have assumed that all information included in the materials provided to us is accurate and complete.

We have assumed that all transaction activity provided to us is includable in the computation of the Rebatable Arbitrage Liability under the Code.

We have assumed the financial schedules and information provided with respect to the proceeds is accurate in all respects, including dates and amounts of the cash flow transactions. We further assumed that a current cash outlay occurred no later than 5 banking days after the date on which the allocation of gross proceeds to an expenditure was made.

Sources and Uses
Sources

Principal	$	8,765,000.00	
Underwriterʹs Discount	(175,300.00)	
Total	$	8,589,700.00	

Uses

Acquisition and Construction Fund	$	7,767,962.50	
2015A-1 Reserve Fund	267,050.00	
2015A-2 Reserve Fund	399,687.50	
Costs of Issuance Fund	155,000.00	
Total	$	8,589,700.00	

Conclusions

Arbitrage Yield/Investment Yield Comparison
The Arbitrage Yield is stated in the Bond Documents to be 6.315632%. The Bond Documents further state that the computation of the Arbitrage Yield is based on a year of 360 days comprised of twelve 30-day months with interest compounding semi-annually.

The yield on the U.S. Bank Money Market Obligations (the “Combined Treasury Yield”) is calculated to be 0.116065% as shown on Schedules A-D. The Combined Treasury Yield is based on a year of 360 days comprised of twelve 30-day months with interest compounding semi-annually.

Arbitrage Yield 6.315632%

Combined Treasury Yield
0.116065%

0%	1%	2%	3%	4%	5%	6%	7%

Negative Arbitrage

Rebatable Arbitrage Liability Expectation
The Combined Treasury Yield on the Gross Proceeds that are subject to the Rebatable Arbitrage Liability computation was less than the Arbitrage Yield during the Cumulative Computation Period, as shown above. This results in an

expectation of negative Rebatable Arbitrage Liability with respect to those Gross Proceeds as shown on Schedules A-D. The results are in accordance with expectations.

Rebatable Arbitrage Liability
The Rebatable Arbitrage Liability computation results in a Cumulative Rebatable Arbitrage Liability in the negative amount of $(701,308.09). Therefore no payment is due as of the Current Installment Computation Date.

Restricted Yield/Investment Yield Comparison
Based on the Arbitrage Yield as stated in the Bond Documents, we have determined that the Restricted Yield of 6.440632% is equal to the Arbitrage Yield plus .125%.
The Yield on the restricted proceeds (the “Yield on Restricted Proceeds”) is calculated to be 0.164791% as shown on Schedule E for the Yield Restricted Period.

Restricted Yield
6.440632%

Yield on
Restricted Proceeds 0.164791%

0%

1%

2%

3%

4%

5%

6%

7%

No Yield Reduction Payment Amount

Record Keeping Requirements
Records evidencing the transaction data used to calculate arbitrage rebate and yield restriction amounts must be maintained until three years after the last outstanding bond of the issue is redeemed. This report, and documentation we maintain in our files, cannot be relied upon to meet the record retention requirement.

SYNOPSIS OF COMPUTATION RESULTS
As of the Current Installment Computation Date 26-Oct-20

Blackburn Creek Community Development District
$8,765,000 Special Assessment Revenue Bonds, Series 2015A-1 and Series 2015A-2 (Grand Palm Project)

Cumulative Computation Period		
Acquisition and Construction Fund	$	(503,370.43)	
2015A-1 Reserve Fund	(90,263.32)	
2015A-2 Reserve Fund	(97,784.67)	
Costs of Issuance Fund	(235.16)	
Computation Date Credits	(9,654.51)	
Cumulative Rebatable Arbitrage Liability	$	(701,308.09)	
		
Gross Proceeds Subject to Arbitrage Rebate Remaining As of the Current Installment Computation Date

Acquisition and Construction Fund	$	150,949.89	
2015A-1 Reserve Fund	229,812.50	
2015A-2 Reserve Fund	84,062.50	
Debt Service Funds	31,823.41	
Total	$	496,648.30	
Gross Proceeds Subject to Yield Restriction Remaining As of the Current Installment Computation Date

Acquisition and Construction Fund
Total	$	150,949.89	
	$	150,949.89	

Schedule A
Rebatable Arbitrage Liability Computation Acquisition and Construction Fund
Blackburn Creek Community Development District
$8,765,000 Special Assessment Revenue Bonds, Series 2015A-1 and Series 2015A-2 (Grand Palm Project)

Issue Date	26-Oct-15	Combined Treasury Yield	0.116065%	
Beginning Date	26-Oct-15	Arbitrage Yield	6.315632%	
Computation Date	26-Oct-20	Total Earnings	$	6,064.88	

Date	
Receipts	
Payments	
Earnings	
Balance	Future
Value at Arbitrage Yield	Present
Value at Investment Yield	
26-Oct-15	$	-	$	(7,767,962.50)	$	-	$	7,767,962.50	$	(10,600,552.70)	$	7,767,962.50	
02-Nov-15			25.54	7,767,962.50	34.82	(25.54)	
03-Nov-15		(25.54)		7,767,988.04	(34.81)	25.54	
01-Dec-15			127.69	7,767,988.04	173.20	(127.68)	
02-Dec-15		(127.69)		7,768,115.73	(173.17)	127.68	
29-Dec-15	271,960.72			7,496,155.01	367,114.74	(271,915.05)	
04-Jan-16			131.50	7,496,155.01	177.36	(131.48)	
05-Jan-16		(131.50)		7,496,286.51	(177.33)	131.48	
21-Jan-16	1,426,972.38			6,069,314.13	1,918,938.01	(1,426,649.08)	
22-Jan-16	652,564.86			5,416,749.27	877,392.77	(652,415.27)	
01-Feb-16		(6,975.47)		5,423,724.74	(9,364.16)	6,973.70	
01-Feb-16			525.06	5,423,724.74	704.86	(524.93)	
02-Feb-16		(525.61)		5,424,250.35	(705.48)	525.48	
11-Feb-16		(1,120.00)		5,425,370.35	(1,500.94)	1,119.69	
25-Feb-16	235,414.29			5,189,956.06	314,722.50	(235,339.62)	
01-Mar-16			426.63	5,189,956.06	569.77	(426.49)	
02-Mar-16		(426.63)		5,190,382.69	(569.67)	426.49	
30-Mar-16	69,447.98			5,120,934.71	92,284.59	(69,419.48)	
01-Apr-16			439.24	5,120,934.71	583.57	(439.06)	
04-Apr-16		(439.24)		5,121,373.95	(583.27)	439.06	
02-May-16			419.78	5,121,373.95	554.74	(419.57)	
03-May-16		(419.78)		5,121,793.73	(554.65)	419.57	
13-May-16	249,860.73			4,871,933.00	329,565.74	(249,729.55)	
01-Jun-16			420.84	4,871,933.00	553.36	(420.60)	
02-Jun-16		(420.84)		4,872,353.84	(553.27)	420.60	
10-Jun-16	152,411.02			4,719,942.82	200,094.47	(152,320.04)	
15-Jun-16	559,190.70			4,160,752.12	733,505.89	(558,849.44)	
01-Jul-16			366.18	4,160,752.12	479.00	(365.94)	
05-Jul-16		(366.18)		4,161,118.30	(478.67)	365.94	
20-Jul-16	746,034.21			3,415,084.09	972,695.70	(745,509.37)	
01-Aug-16			327.98	3,415,084.09	426.82	(327.74)	
02-Aug-16		(327.98)		3,415,412.07	(426.74)	327.74	
04-Aug-16	347,503.23			3,067,908.84	451,988.03	(347,245.80)	
11-Aug-16		(11,210.96)		3,079,119.80	(14,564.17)	11,202.45	
01-Sep-16			263.34	3,079,119.80	340.93	(263.13)	
02-Sep-16		(263.34)		3,079,383.14	(340.87)	263.13	
12-Sep-16	540,481.91			2,538,901.23	698,391.26	(540,026.82)	
15-Sep-16		(1,301.60)		2,540,202.83	(1,681.01)	1,300.49	
03-Oct-16			224.41	2,540,202.83	288.92	(224.21)	
04-Oct-16		(224.41)		2,540,427.24	(288.87)	224.21	
04-Oct-16	200,951.98			2,339,475.26	258,678.10	(200,771.00)	
14-Oct-16	485,555.85			1,853,919.41	623,959.56	(485,105.62)	
01-Nov-16			175.92	1,853,919.41	225.40	(175.75)	
02-Nov-16		(175.92)		1,854,095.33	(225.36)	175.75	

Date	
Receipts	
Payments	
Earnings	
Balance	Future
Value at Arbitrage Yield	Present
Value at Investment Yield	
09-Nov-16	257,858.24			1,596,237.09	329,930.88	(257,601.97)	
01-Dec-16			136.47	1,596,237.09	173.95	(136.33)	
02-Dec-16		(136.47)		1,596,373.56	(173.92)	136.33	
21-Dec-16	581,732.59			1,014,640.97	738,949.66	(581,089.39)	
03-Jan-17			117.73	1,014,640.97	149.24	(117.60)	
04-Jan-17		(117.73)		1,014,758.70	(149.21)	117.60	
12-Jan-17	456,607.08			558,151.62	577,908.19	(456,076.69)	
18-Jan-17	1,301.60			556,850.02	1,645.67	(1,300.07)	
01-Feb-17			88.89	556,850.02	112.14	(88.78)	
02-Feb-17		(88.89)		556,938.91	(112.12)	88.78	
10-Feb-17	453,826.93			103,111.98	571,618.32	(453,265.94)	
01-Mar-17			28.65	103,111.98	35.96	(28.61)	
02-Mar-17		(28.65)		103,140.63	(35.95)	28.61	
03-Apr-17			13.14	103,140.63	16.40	(13.12)	
04-Apr-17		(13.14)		103,153.77	(16.40)	13.12	
01-May-17			16.67	103,153.77	20.71	(16.65)	
02-May-17		(16.67)		103,170.44	(20.70)	16.65	
03-May-17		(525,819.58)		628,990.02	(652,869.90)	525,053.41	
05-May-17	525,819.58			103,170.44	652,644.41	(525,050.61)	
19-May-17		(1,108,580.40)		1,211,750.84	(1,372,640.77)	1,106,917.88	
01-Jun-17			102.25	1,211,750.84	126.34	(102.09)	
02-Jun-17		(102.25)		1,211,853.09	(126.32)	102.09	
20-Jun-17	219,486.52			992,366.57	270,316.27	(219,139.25)	
29-Jun-17	178,295.35			814,071.22	219,244.77	(178,008.98)	
30-Jun-17	127,409.99			686,661.23	156,645.42	(127,205.01)	
03-Jul-17			183.33	686,661.23	225.28	(183.03)	
05-Jul-17		(183.33)		686,844.56	(225.20)	183.03	
20-Jul-17		(98,394.95)		785,239.51	(120,555.43)	98,231.41	
21-Jul-17	98,394.95			686,844.56	120,534.61	(98,231.15)	
31-Jul-17	57,559.03			629,285.53	70,400.76	(57,461.83)	
01-Aug-17			116.89	629,285.53	142.94	(116.69)	
02-Aug-17		(116.89)		629,402.42	(142.92)	116.69	
01-Sep-17			106.91	629,402.42	130.06	(106.72)	
05-Sep-17		(106.91)		629,509.33	(129.97)	106.72	
21-Sep-17		(5,004.72)		634,514.05	(6,067.62)	4,995.59	
22-Sep-17	11,981.22			622,532.83	14,523.27	(11,959.33)	
02-Oct-17	156,334.15			466,198.68	189,176.41	(156,044.36)	
02-Oct-17			103.16	466,198.68	124.83	(102.97)	
03-Oct-17		(103.16)		466,301.84	(124.81)	102.97	
01-Nov-17			80.06	466,301.84	96.39	(79.91)	
02-Nov-17		(80.06)		466,381.90	(96.38)	79.91	
03-Nov-17	256,231.79			210,150.11	308,404.54	(255,735.70)	
10-Nov-17		(369,395.85)		579,545.96	(444,073.32)	368,673.78	
13-Nov-17	369,395.85			210,150.11	443,843.27	(368,670.83)	
01-Dec-17			43.43	210,150.11	52.02	(43.34)	
04-Dec-17		(43.43)		210,193.54	(51.99)	43.34	
02-Jan-18			35.70	210,193.54	42.53	(35.63)	
03-Jan-18		(35.70)		210,229.24	(42.53)	35.63	
31-Jan-18	20,762.69			189,466.55	24,617.58	(20,717.69)	
01-Feb-18			35.60	189,466.55	42.20	(35.52)	
02-Feb-18		(35.60)		189,502.15	(42.20)	35.52	
01-Mar-18			29.07	189,502.15	34.28	(29.00)	
02-Mar-18		(29.07)		189,531.22	(34.28)	29.00	
02-Apr-18			32.19	189,531.22	37.76	(32.11)	
03-Apr-18		(32.19)		189,563.41	(37.75)	32.11	
01-May-18			38.69	189,563.41	45.16	(38.60)	
02-May-18		(38.69)		189,602.10	(45.15)	38.60	
01-Jun-18			40.26	189,602.10	46.75	(40.16)	

Date	
Receipts	
Payments	
Earnings	
Balance	Future
Value at Arbitrage Yield	Present
Value at Investment Yield	
04-Jun-18		(40.26)		189,642.36	(46.72)	40.16	
02-Jul-18			38.97	189,642.36	45.01	(38.87)	
03-Jul-18		(38.97)		189,681.33	(45.00)	38.87	
01-Aug-18			48.07	189,681.33	55.24	(47.94)	
02-Aug-18		(48.07)		189,729.40	(55.23)	47.94	
04-Sep-18			48.34	189,729.40	55.24	(48.21)	
05-Sep-18		(48.34)		189,777.74	(55.23)	48.21	
01-Oct-18			46.79	189,777.74	53.22	(46.66)	
02-Oct-18		(46.79)		189,824.53	(53.21)	46.66	
01-Nov-18			48.37	189,824.53	54.73	(48.23)	
02-Nov-18		(48.37)		189,872.90	(54.72)	48.23	
03-Dec-18			46.82	189,872.90	52.68	(46.68)	
04-Dec-18		(46.82)		189,919.72	(52.67)	46.68	
02-Jan-19			48.39	189,919.72	54.18	(48.24)	
03-Jan-19		(48.39)		189,968.11	(54.17)	48.24	
01-Feb-19			48.40	189,968.11	53.92	(48.25)	
04-Feb-19		(48.40)		190,016.51	(53.89)	48.25	
01-Mar-19			43.73	190,016.51	48.46	(43.59)	
04-Mar-19		(43.73)		190,060.24	(48.44)	43.59	
01-Apr-19			48.43	190,060.24	53.39	(48.27)	
02-Apr-19		(48.43)		190,108.67	(53.39)	48.27	
01-May-19			46.88	190,108.67	51.42	(46.72)	
02-May-19		(46.88)		190,155.55	(51.41)	46.72	
03-Jun-19			48.45	190,155.55	52.85	(48.28)	
04-Jun-19		(48.45)		190,204.00	(52.84)	48.28	
01-Jul-19			46.90	190,204.00	50.91	(46.73)	
02-Jul-19		(46.90)		190,250.90	(50.90)	46.73	
01-Aug-19			40.40	190,250.90	43.63	(40.25)	
02-Aug-19		(40.40)		190,291.30	(43.62)	40.25	
03-Sep-19			32.32	190,291.30	34.71	(32.20)	
04-Sep-19		(32.32)		190,323.62	(34.70)	32.20	
01-Oct-19			28.16	190,323.62	30.10	(28.05)	
02-Oct-19		(28.16)		190,351.78	(30.09)	28.05	
01-Nov-19			24.25	190,351.78	25.78	(24.16)	
04-Nov-19		(24.25)		190,376.03	(25.77)	24.16	
02-Dec-19			23.47	190,376.03	24.82	(23.38)	
03-Dec-19		(23.47)		190,399.50	(24.82)	23.38	
02-Jan-20			24.26	190,399.50	25.52	(24.16)	
03-Jan-20		(24.26)		190,423.76	(25.52)	24.16	
03-Feb-20			24.19	190,423.76	25.31	(24.09)	
04-Feb-20		(24.19)		190,447.95	(25.31)	24.09	
02-Mar-20			20.03	190,447.95	20.86	(19.95)	
03-Mar-20		(20.03)		190,467.98	(20.85)	19.95	
01-Apr-20			9.03	190,467.98	9.36	(8.99)	
02-Apr-20		(9.03)		190,477.01	(9.35)	8.99	
01-May-20			1.56	190,477.01	1.61	(1.55)	
04-May-20		(1.56)		190,478.57	(1.61)	1.55	
01-Jun-20			1.61	190,478.57	1.65	(1.60)	
02-Jun-20		(1.61)		190,480.18	(1.65)	1.60	
01-Jul-20			0.94	190,480.18	0.96	(0.94)	
02-Jul-20		(0.94)		190,481.12	(0.96)	0.94	
03-Jul-20	10,938.43			179,542.69	11,154.02	(10,889.35)	
03-Aug-20			0.84	179,542.69	0.85	(0.84)	
04-Aug-20		(0.84)		179,543.53	(0.85)	0.84	
01-Sep-20			0.76	179,543.53	0.77	(0.76)	
02-Sep-20		(0.76)		179,544.29	(0.77)	0.76	
01-Oct-20			0.74	179,544.29	0.74	(0.74)	
02-Oct-20		(0.74)		179,545.03	(0.74)	0.74	

	
Date	
Receipts	
Payments	
Earnings	
Balance	Future
Value at Arbitrage Yield	Present
Value at Investment Yield	
13-Oct-20	23,209.78			156,335.25	23,261.95	(23,099.48)	
14-Oct-20	5,385.36			150,949.89	5,396.53	(5,359.75)	
26-Oct-20	150,949.89		0.58	0.00	150,950.47	(150,227.89)	
Totals						$	(503,370.43)	$	0.00	

Schedule B
Rebatable Arbitrage Liability Computation 2015A-1 Reserve Fund
Blackburn Creek Community Development District
$8,765,000 Special Assessment Revenue Bonds, Series 2015A-1 and Series 2015A-2 (Grand Palm Project)

Issue Date	26-Oct-15	Combined Treasury Yield	0.116065%	
Beginning Date	26-Oct-15	Arbitrage Yield	6.315632%	
Computation Date	26-Oct-20	Total Earnings	$	2,092.46	

Date	
Receipts	
Payments	
Earnings	
Balance	Future
Value at Arbitrage Yield	Present
Value at Investment Yield	
26-Oct-15	$	-	$	(267,050.00)	$	-	$	267,050.00	$	(364,429.87)	$	267,050.00	
02-Nov-15			0.88	267,050.00	1.20	(0.88)	
03-Nov-15		(0.88)		267,050.88	(1.20)	0.88	
06-Nov-15	0.88			267,050.00	1.20	(0.88)	
01-Dec-15			4.39	267,050.00	5.95	(4.39)	
04-Jan-16			4.54	267,050.00	6.12	(4.54)	
01-Feb-16			20.87	267,050.00	28.02	(20.86)	
01-Mar-16			21.16	267,050.00	28.26	(21.15)	
01-Apr-16			22.62	267,050.00	30.05	(22.60)	
02-May-16			21.89	267,050.00	28.93	(21.87)	
01-Jun-16			22.62	267,050.00	29.74	(22.60)	
01-Jul-16			21.89	267,050.00	28.63	(21.87)	
01-Aug-16			22.62	267,050.00	29.44	(22.59)	
01-Sep-16			22.62	267,050.00	29.28	(22.59)	
03-Oct-16			21.89	267,050.00	28.18	(21.86)	
01-Nov-16	325.00			266,725.00	416.41	(324.46)	
01-Nov-16			22.62	266,725.00	28.98	(22.58)	
01-Dec-16			21.86	266,725.00	27.86	(21.82)	
03-Jan-17			22.59	266,725.00	28.64	(22.55)	
01-Feb-17			33.25	266,725.00	41.95	(33.18)	
01-Mar-17			30.69	266,725.00	38.52	(30.62)	
03-Apr-17			33.98	266,725.00	42.41	(33.90)	
01-May-17	4,075.00			262,650.00	5,061.36	(4,064.81)	
01-May-17			43.11	262,650.00	53.54	(43.00)	
01-Jun-17			44.61	262,650.00	55.12	(44.49)	
03-Jul-17			43.18	262,650.00	53.06	(43.06)	
01-Aug-17			44.61	262,650.00	54.55	(44.48)	
01-Sep-17			44.61	262,650.00	54.27	(44.47)	
02-Oct-17			43.18	262,650.00	52.25	(43.04)	
01-Nov-17	325.00			262,325.00	391.31	(323.92)	
01-Nov-17			44.61	262,325.00	53.71	(44.46)	
01-Dec-17			43.12	262,325.00	51.65	(42.97)	
02-Jan-18			44.56	262,325.00	53.09	(44.40)	
01-Feb-18			44.56	262,325.00	52.82	(44.39)	
01-Mar-18			40.25	262,325.00	47.47	(40.09)	
02-Apr-18			44.56	262,325.00	52.27	(44.38)	
01-May-18	2,812.50			259,512.50	3,282.68	(2,800.83)	
01-May-18			53.54	259,512.50	62.49	(53.32)	
01-Jun-18			55.10	259,512.50	63.98	(54.86)	
27-Jun-18	650.00			258,862.50	751.36	(647.14)	
02-Jul-18			53.31	258,862.50	61.57	(53.07)	
01-Aug-18			65.60	258,862.50	75.39	(65.30)	
01-Sep-18			65.96	258,862.50	75.41	(65.65)	
01-Oct-18			63.83	258,862.50	72.60	(63.52)	
10-Oct-18	8,812.50			250,050.00	10,007.09	(8,769.54)	

	
Date	
Receipts	
Payments	
Earnings	
Balance	Future
Value at Arbitrage Yield	Present
Value at Investment Yield	
01-Nov-18			64.36	250,050.00	72.82	(64.04)	
03-Dec-18			61.66	250,050.00	69.38	(61.34)	
02-Jan-19			63.71	250,050.00	71.33	(63.38)	
01-Feb-19			63.71	250,050.00	70.97	(63.37)	
01-Mar-19			57.55	250,050.00	63.78	(57.23)	
19-Mar-19	12,275.00			237,775.00	13,561.36	(12,206.24)	
01-Apr-19			62.40	237,775.00	68.80	(62.05)	
01-May-19			58.63	237,775.00	64.31	(58.29)	
03-Jun-19			60.58	237,775.00	66.08	(60.22)	
26-Jun-19	3,562.50			234,212.50	3,870.44	(3,540.97)	
01-Jul-19			58.48	234,212.50	63.48	(58.13)	
01-Aug-19			49.73	234,212.50	53.70	(49.42)	
03-Sep-19			39.78	234,212.50	42.72	(39.53)	
17-Sep-19	550.00			233,662.50	589.24	(546.47)	
01-Oct-19			34.62	233,662.50	37.00	(34.40)	
01-Nov-19			29.77	233,662.50	31.65	(29.57)	
02-Dec-19			28.81	233,662.50	30.47	(28.62)	
17-Dec-19	1,481.25			232,181.25	1,562.45	(1,471.14)	
02-Jan-20			29.68	232,181.25	31.23	(29.48)	
03-Feb-20			29.50	232,181.25	30.87	(29.29)	
02-Mar-20			24.42	232,181.25	25.43	(24.24)	
17-Mar-20	1,056.25			231,125.00	1,096.97	(1,048.61)	
01-Apr-20			11.00	231,125.00	11.40	(10.92)	
01-May-20			1.89	231,125.00	1.95	(1.88)	
01-Jun-20			1.96	231,125.00	2.01	(1.95)	
01-Jul-20			1.14	231,125.00	1.16	(1.13)	
03-Aug-20			1.07	231,125.00	1.09	(1.06)	
01-Sep-20			0.98	231,125.00	0.99	(0.97)	
16-Sep-20	1,312.50			229,812.50	1,321.60	(1,301.93)	
01-Oct-20			0.94	229,812.50	0.94	(0.93)	
26-Oct-20	229,812.50		0.81	0.00	229,813.31	(227,921.10)	
Totals						$	(90,263.32)	$	0.00	

Schedule C
Rebatable Arbitrage Liability Computation 2015A-2 Reserve Fund
Blackburn Creek Community Development District
$8,765,000 Special Assessment Revenue Bonds, Series 2015A-1 and Series 2015A-2 (Grand Palm Project)

Issue Date	26-Oct-15	Combined Treasury Yield	0.116065%	
Beginning Date	26-Oct-15	Arbitrage Yield	6.315632%	
Computation Date	26-Oct-20	Total Earnings	$	2,185.75	

Date	
Receipts	
Payments	
Earnings	
Balance	Future
Value at Arbitrage Yield	Present
Value at Investment Yield	
26-Oct-15	$	-	$	(399,687.50)	$	-	$	399,687.50	$	(545,433.68)	$	399,687.50	
02-Nov-15			1.31	399,687.50	1.79	(1.31)	
03-Nov-15		(1.31)		399,688.81	(1.79)	1.31	
06-Nov-15	1.31			399,687.50	1.78	(1.31)	
01-Dec-15			6.57	399,687.50	8.91	(6.57)	
04-Jan-16			6.79	399,687.50	9.16	(6.79)	
01-Feb-16			31.23	399,687.50	41.92	(31.22)	
01-Mar-16			31.67	399,687.50	42.30	(31.65)	
01-Apr-16			33.85	399,687.50	44.97	(33.83)	
02-May-16			32.76	399,687.50	43.29	(32.73)	
01-Jun-16			33.85	399,687.50	44.51	(33.82)	
01-Jul-16			32.76	399,687.50	42.85	(32.72)	
01-Aug-16			33.85	399,687.50	44.05	(33.81)	
01-Sep-16			33.85	399,687.50	43.82	(33.80)	
03-Oct-16			32.76	399,687.50	42.18	(32.71)	
01-Nov-16	6,718.75			392,968.75	8,608.56	(6,707.52)	
01-Nov-16			33.85	392,968.75	43.37	(33.79)	
01-Dec-16			32.21	392,968.75	41.06	(32.15)	
03-Jan-17			33.28	392,968.75	42.19	(33.21)	
01-Feb-17			48.99	392,968.75	61.80	(48.89)	
01-Mar-17			45.22	392,968.75	56.75	(45.12)	
03-Apr-17			50.06	392,968.75	62.48	(49.94)	
01-May-17	37,500.00			355,468.75	46,576.96	(37,406.48)	
01-May-17			63.52	355,468.75	78.90	(63.36)	
01-Jun-17			60.38	355,468.75	74.61	(60.22)	
03-Jul-17			58.43	355,468.75	71.80	(58.27)	
01-Aug-17	23,750.00			331,718.75	29,043.73	(23,681.00)	
01-Aug-17			60.38	331,718.75	73.84	(60.20)	
01-Sep-17			56.35	331,718.75	68.55	(56.18)	
02-Oct-17			54.53	331,718.75	65.99	(54.36)	
01-Nov-17	11,562.50			320,156.25	13,921.61	(11,524.16)	
01-Nov-17			56.35	320,156.25	67.85	(56.16)	
01-Dec-17			52.63	320,156.25	63.04	(52.45)	
02-Jan-18			54.38	320,156.25	64.79	(54.18)	
01-Feb-18			54.38	320,156.25	64.47	(54.18)	
01-Mar-18			49.12	320,156.25	57.93	(48.93)	
02-Apr-18			54.38	320,156.25	63.79	(54.16)	
01-May-18	34,687.50			285,468.75	40,486.35	(34,543.97)	
01-May-18			65.35	285,468.75	76.27	(65.08)	
01-Jun-18			60.61	285,468.75	70.38	(60.35)	
27-Jun-18	28,906.25			256,562.50	33,413.87	(28,779.26)	
02-Jul-18			57.87	256,562.50	66.84	(57.61)	
01-Aug-18			65.02	256,562.50	74.72	(64.72)	
04-Sep-18			65.37	256,562.50	74.69	(65.06)	
01-Oct-18			63.26	256,562.50	71.95	(62.95)	

	
Date	
Receipts	
Payments	
Earnings	
Balance	Future
Value at Arbitrage Yield	Present
Value at Investment Yield	
10-Oct-18	17,343.75			239,218.75	19,694.81	(17,259.41)	
01-Nov-18			62.23	239,218.75	70.41	(61.92)	
03-Dec-18			58.99	239,218.75	66.38	(58.69)	
02-Jan-19			60.95	239,218.75	68.24	(60.63)	
01-Feb-19			60.95	239,218.75	67.90	(60.62)	
01-Mar-19			55.05	239,218.75	61.01	(54.75)	
19-Mar-19	104,531.25			134,687.50	115,485.64	(103,947.16)	
01-Apr-19			49.78	134,687.50	54.88	(49.50)	
01-May-19			33.21	134,687.50	36.43	(33.02)	
03-Jun-19			34.32	134,687.50	37.44	(34.12)	
26-Jun-19	21,093.75			113,593.75	22,917.09	(20,966.56)	
01-Jul-19			32.34	113,593.75	35.11	(32.14)	
01-Aug-19			24.12	113,593.75	26.05	(23.97)	
03-Sep-19			19.30	113,593.75	20.73	(19.18)	
17-Sep-19	7,187.50			106,406.25	7,700.30	(7,141.51)	
01-Oct-19			16.37	106,406.25	17.50	(16.26)	
01-Nov-19			13.56	106,406.25	14.42	(13.47)	
02-Dec-19			13.12	106,406.25	13.88	(13.03)	
17-Dec-19	7,031.25			99,375.00	7,416.71	(6,983.38)	
02-Jan-20			13.12	99,375.00	13.80	(13.03)	
03-Feb-20			12.63	99,375.00	13.22	(12.54)	
02-Mar-20			10.45	99,375.00	10.88	(10.38)	
17-Mar-20	7,031.25			92,343.75	7,302.31	(6,980.50)	
01-Apr-20			4.68	92,343.75	4.85	(4.65)	
01-May-20			0.76	92,343.75	0.78	(0.75)	
01-Jun-20			0.78	92,343.75	0.80	(0.77)	
17-Jun-20	4,843.75			87,500.00	4,952.89	(4,806.81)	
01-Jul-20			0.44	87,500.00	0.45	(0.44)	
03-Aug-20			0.41	87,500.00	0.42	(0.41)	
01-Sep-20			0.37	87,500.00	0.37	(0.37)	
16-Sep-20	3,437.50			84,062.50	3,461.33	(3,409.89)	
01-Oct-20			0.35	84,062.50	0.35	(0.35)	
26-Oct-20	84,062.50		0.30	0.00	84,062.80	(83,372.39)	
Totals						$	(97,784.67)	$	0.00	

Schedule D
Rebatable Arbitrage Liability Computation Costs of Issuance Fund
Blackburn Creek Community Development District
$8,765,000 Special Assessment Revenue Bonds, Series 2015A-1 and Series 2015A-2 (Grand Palm Project)

Issue Date	26-Oct-15	Combined Treasury Yield	0.116065%	
Beginning Date	26-Oct-15	Arbitrage Yield	6.315632%	
Computation Date	26-Oct-20	Total Earnings	$	1.02	

Date	
Receipts	
Payments	
Earnings	
Balance	Future
Value at Arbitrage Yield	Present
Value at Investment Yield	
26-Oct-15	$	-	$	(72,750.00)	$	-	$	72,750.00	$	(99,278.31)	$	72,750.00	
27-Oct-15	30,525.00			42,225.00	41,648.76	(30,524.97)	
02-Nov-15			0.16	42,225.00	0.22	(0.16)	
03-Nov-15		(0.16)		42,225.16	(0.22)	0.16	
04-Nov-15	1,250.00			40,975.16	1,703.46	(1,249.99)	
05-Nov-15	34,000.00			6,975.16	46,326.04	(33,999.69)	
01-Dec-15			0.19	6,975.16	0.26	(0.19)	
02-Dec-15		(0.19)		6,975.35	(0.26)	0.19	
04-Jan-16			0.12	6,975.35	0.16	(0.12)	
05-Jan-16		(0.12)		6,975.47	(0.16)	0.12	
01-Feb-16			0.55	6,975.47	0.74	(0.55)	
01-Feb-16	6,975.47			0.00	9,364.16	(6,974.80)	
Totals						$	(235.16)	$	0.00	

Schedule E
Yield Reduction Payment Computation Acquisition and Construction Fund - Yield Restriction Proof
Blackburn Creek Community Development District
$8,765,000 Special Assessment Revenue Bonds, Series 2015A-1 and Series 2015A-2 (Grand Palm Project)

Issue Date	26-Oct-15	Yield on Restricted Proceeds	0.164791%	
Beginning Date	26-Oct-18	Restricted Yield	6.440632%	
Computation Date	26-Oct-20	Total Earnings	$	619.20	

Date	
Receipts	
Payments	
Earnings	
Balance	Future
Value at Restricted Yield	Present
Value at Investment Yield	
26-Oct-18	$	-	$	(189,824.53)	$	(40.31)	$	189,824.53	$	(215,528.79)	$	189,864.84	
01-Nov-18			48.37	189,824.53	54.86	(48.37)	
02-Nov-18		(48.37)		189,872.90	(54.85)	48.37	
03-Dec-18			46.82	189,872.90	52.80	(46.81)	
04-Dec-18		(46.82)		189,919.72	(52.79)	46.81	
02-Jan-19			48.39	189,919.72	54.30	(48.38)	
03-Jan-19		(48.39)		189,968.11	(54.29)	48.38	
01-Feb-19			48.40	189,968.11	54.03	(48.38)	
04-Feb-19		(48.40)		190,016.51	(54.00)	48.38	
01-Mar-19			43.73	190,016.51	48.56	(43.70)	
04-Mar-19		(43.73)		190,060.24	(48.53)	43.70	
01-Apr-19			48.43	190,060.24	53.50	(48.40)	
02-Apr-19		(48.43)		190,108.67	(53.49)	48.40	
01-May-19			46.88	190,108.67	51.51	(46.84)	
02-May-19		(46.88)		190,155.55	(51.50)	46.84	
03-Jun-19			48.45	190,155.55	52.94	(48.40)	
04-Jun-19		(48.45)		190,204.00	(52.93)	48.40	
01-Jul-19			46.90	190,204.00	50.99	(46.85)	
02-Jul-19		(46.90)		190,250.90	(50.98)	46.85	
01-Aug-19			40.40	190,250.90	43.69	(40.35)	
02-Aug-19		(40.40)		190,291.30	(43.69)	40.35	
03-Sep-19			32.32	190,291.30	34.76	(32.27)	
04-Sep-19		(32.32)		190,323.62	(34.75)	32.27	
01-Oct-19			28.16	190,323.62	30.14	(28.12)	
02-Oct-19		(28.16)		190,351.78	(30.13)	28.12	
01-Nov-19			24.25	190,351.78	25.81	(24.21)	
04-Nov-19		(24.25)		190,376.03	(25.80)	24.21	
02-Dec-19			23.47	190,376.03	24.85	(23.43)	
03-Dec-19		(23.47)		190,399.50	(24.84)	23.43	
02-Jan-20			24.26	190,399.50	25.55	(24.21)	
03-Jan-20		(24.26)		190,423.76	(25.54)	24.21	
03-Feb-20			24.19	190,423.76	25.34	(24.14)	
04-Feb-20		(24.19)		190,447.95	(25.33)	24.14	
02-Mar-20			20.03	190,447.95	20.87	(19.99)	
03-Mar-20		(20.03)		190,467.98	(20.87)	19.99	
01-Apr-20			9.03	190,467.98	9.36	(9.01)	
02-Apr-20		(9.03)		190,477.01	(9.36)	9.01	
01-May-20			1.56	190,477.01	1.61	(1.56)	
04-May-20		(1.56)		190,478.57	(1.61)	1.56	
01-Jun-20			1.61	190,478.57	1.65	(1.61)	
02-Jun-20		(1.61)		190,480.18	(1.65)	1.61	
01-Jul-20			0.94	190,480.18	0.96	(0.94)	
02-Jul-20		(0.94)		190,481.12	(0.96)	0.94	

	
Date	
Receipts	
Payments	
Earnings	
Balance	Future
Value at Restricted Yield	Present
Value at Investment Yield	
03-Jul-20	10,938.43			179,542.69	11,158.26	(10,908.09)	
03-Aug-20			0.84	179,542.69	0.85	(0.84)	
04-Aug-20		(0.84)		179,543.53	(0.85)	0.84	
01-Sep-20			0.76	179,543.53	0.77	(0.76)	
02-Sep-20		(0.76)		179,544.29	(0.77)	0.76	
01-Oct-20			0.74	179,544.29	0.74	(0.74)	
02-Oct-20		(0.74)		179,545.03	(0.74)	0.74	
13-Oct-20	23,209.78			156,335.25	23,262.97	(23,134.82)	
14-Oct-20	5,385.36			150,949.89	5,396.75	(5,367.94)	
26-Oct-20	150,949.89		0.58	0.00	150,950.47	(150,453.98)	
Totals						$	(24,760.17)	(1) $	0.00	
(1) Negative result proves no yield reduction payment is required.

Blackburn Creek Community Development District

Review and Acceptance of the Series 2015A-1 and Series A-2 (Grand Palm Project) Arbitrage Rebate Report as of 10/26/2025

Blackburn Creek Community Development District
$8,765,000 Special Assessment Revenue Bonds,
Series 2015A-1 and Series 2015A-2 (Grand Palm Project)
Installment Date Computation

For the period October 26, 2015 through October 26, 2025

Tax Exempt Compliance Services, LLC (Wholly owned subsidiary of GNP Services, CPA, PA)
P.O. Box 1179
Orange Park, FL 32067-1179 linda@dufresnecpas.com or tisha@gnpcpas.com 904-327-8377

January 2, 2026

Mr. Kevin Johnson, Chairman Blackburn Creek CDD
3501 Quadrangle Blvd., Suite 270
Orlando, Florida 32817

RE: Installment Date Computation

Dear Mr. Johnson:
Tax Exempt Compliance Services, LLC has been requested to compute the Rebatable Arbitrage Liability with respect to the Blackburn Creek Community Development District
$8,765,000 Special Assessment Revenue Bonds, Series 2015A-1 and Series 2015A-2 (Grand Palm Project). All computations included herein are mathematically accurate and have been performed in accordance with the Code. All capitalized terms are defined in the attached report.

There is no Rebatable Arbitrage Liability or Yield Reduction Payment Amount for the Cumulative Computation Period. Accordingly, there is no amount due to the
U.S. Government as of the Current Installment Computation Date.

The next Installment Computation Date is October 26, 2030.

Please see attached supporting schedules for further details. If you have questions regarding this report, or any other concerns, please call (904) 327-8377.

Very truly yours,

Tax Exempt Compliance Services, LLC Enclosure
cc: Ms. Venessa Ripoll, Public Financial Management

CONTENTS
DEFINITIONS	1
Summary of Bond Document Representations and
RELATED CONCLUSIONS	2
ASSUMPTIONS	3
SOURCES AND USES	4
Conclusions
Arbitrage Yield/Investment Yield Comparison	4
Rebatable Arbitrage Liability Expectation	5
Rebatable Arbitrage Liability	5
Restricted Yield/Investment Yield Comparison	5
RECORD KEEPING REQUIREMENTS	6

Supporting Schedules
Synopsis of Computation Results

Rebatable Arbitrage Liability Computations

Acquisition and Construction Fund	A

2015A-1 Reserve Fund	B
2015A-2 Reserve Fund	C

Yield Reduction Payment Computations

Acquisition and Construction Fund - Yield Restriction Proof	D

Definitions
Arbitrage Yield - The semiannual discount rate at which the present value of payments of principal and interest equals the par amount of the bonds adjusted as follows: if applicable, plus accrued interest and original issue premium, and less original issue discount, cost of credit enhancement and/or reserve surety.
Bona Fide Debt Service Fund - A fund that is used primarily to achieve a proper matching of revenues with principal and interest payments within each bond year and that may be excluded from the Rebatable Arbitrage Liability computation if the requirements specified in the Code for the Bona Fide Debt Service Fund exemption are met.
Bond Documents - Federal Tax Certificate and IRS Form 8038-G executed as of the Issue Date and information regarding the investment and expenditures of gross proceeds. Nothing has come to our attention that has led us to conclude that any of the information included in these documents has been affected by events or circumstances occurring after their respective dates.
Bonds - Blackburn Creek Community Development District $8,765,000 Special Assessment Revenue Bonds, Series 2015A-1 and Series 2015A-2 (Grand Palm Project)
Code - Section 148(f) of the Internal Revenue Code of 1986 and existing applicable Treasury Regulations
Cumulative Computation Period - The period beginning on the Issue Date and ending on the Current Installment Computation Date
Cumulative Rebatable Arbitrage Liability - The Rebatable Arbitrage Liability for the Cumulative Computation Period
Current Computation Period - The period beginning on October 26, 2020 and ending on the Current Installment Computation Date
Current Installment Computation Date - October 26, 2025
Debt Service Funds - The 2015A-1 Interest, 2015A-1 Sinking, 2015A-1 Prepayment, 2015A-2 Interest, 2015A-2 Sinking and 2015A-2 Prepayment Funds and the debt service portion of the Revenue Fund
Installment Computation Dates - Any date not later than the fifth anniversary of the Issue Date of the Bonds and each subsequent fifth year thereafter. For the Bonds, the Installment Computation Dates are October 26, 2020 and each subsequent fifth October 26 thereafter.
Issue Date - October 26, 2015

Issuer - Blackburn Creek Community Development District
Rebatable Arbitrage Liability - The excess of receipts over payments calculated in accordance with the Code
Rebatable Arbitrage Liability Payment Due Date - The date that is no later than sixty days past each Installment Computation Date
Restricted Yield - The Arbitrage Yield plus .125 percentage points
Yield Reduction Payment Amount - The payment amount made to the federal government in order to reduce the yield on investment of Bond proceeds to meet yield restriction requirements under the Code
Yield Restricted Period - The period beginning on October 26, 2018 and ending on the Current Installment Computation Date

Summary of Bond Document Representations and Related Conclusions
Representations
The Bond Documents state the following:
The Bonds were issued on October 26, 2015.
The 2015A-1 Reserve Fund and 2015A-2 Reserve Fund are “reasonably required” in accordance with the Code.
The temporary period for the Acquisition and Construction Fund is three years.
The Debt Service Funds are expected to meet the requirements of a Bona Fide Debt Service Fund.
The Arbitrage Yield is 6.315632%.
The Bonds were issued for the purpose of providing funds to (i) finance the completion of the cost of acquisition, construction, installation and equipping of the Project; (ii) pay certain costs associated with the issuance of the Bonds; and (iii) fund the 2015A-1 Reserve Fund and 2015A-2 Reserve Fund.

Related Conclusions
We have concluded the following:
The Bonds are subject to the 1993 Regulations. New regulations or rulings that apply to the Bonds may be enacted. If so, it should be determined that the computation of the Rebatable Arbitrage Liability complies with any applicable changes.
The next Rebatable Arbitrage Liability Payment Due Date is December 25, 2030, assuming an Installment Computation Date of October 26, 2030.
The 2015A-1 Reserve Fund and 2015A-2 Reserve Fund may be invested at an unrestricted yield.
No yield reduction payments will be required for the Yield Restricted Period.
The Debt Service Funds have been appropriately excluded from the Rebatable Arbitrage Liability computation because they met the Bona Fide Debt Service Fund exemption requirements.
Assumptions
Certain Bond documents, financial records and other materials relevant to the computation of the Rebatable Arbitrage Liability have been provided to us by various parties. Nothing has come to our attention to lead us to conclude that any of the information provided includes errors or omissions; therefore we have assumed that all information included in the materials provided to us is accurate and complete.

We have assumed that all transaction activity provided to us is includable in the computation of the Rebatable Arbitrage Liability under the Code.
We have assumed the financial schedules and information provided with respect to the proceeds is accurate in all respects, including dates and amounts of the cash flow transactions. We further assumed that a current cash outlay occurred no later than 5 banking days after the date on which the allocation of gross proceeds to an expenditure was made.

Sources and Uses
Sources

Principal	$	8,765,000.00	
Underwriterʹs Discount	(175,300.00)	
Total	$	8,589,700.00	

Uses

Acquisition and Construction Fund	$	7,767,962.50	
2015A-1 Reserve Fund	267,050.00	
2015A-2 Reserve Fund	399,687.50	
Costs of Issuance Fund	155,000.00	
Total	$	8,589,700.00	

Conclusions

Arbitrage Yield/Investment Yield Comparison
The Arbitrage Yield is stated in the Bond Documents to be 6.315632%. The Bond Documents further state that the computation of the Arbitrage Yield is based on a year of 360 days comprised of twelve 30-day months with interest compounding semi-annually.

The yield on the U.S. Bank Money Market Obligations (the “Combined Treasury Yield”) is calculated to be 1.738990% as shown on Schedules A-C. The Combined Treasury Yield is based on a year of 360 days comprised of twelve 30-day months with interest compounding semi-annually.

Arbitrage Yield
6.315632%

Combined
Treasury Yield 1.738990%

0%

1%

2%

3%

4%

5%

6%

7%

Negative Arbitrage

Rebatable Arbitrage Liability Expectation
The Combined Treasury Yield on the Gross Proceeds that are subject to the Rebatable Arbitrage Liability computation was less than the Arbitrage Yield during the Current Computation Period, as shown above. This results in an expectation of negative Rebatable Arbitrage Liability with respect to those Gross Proceeds as shown on Schedules A-C. The results are in accordance with expectations.

Rebatable Arbitrage Liability
The Rebatable Arbitrage Liability computation results in a Cumulative Rebatable Arbitrage Liability in the negative amount of $(1,069,128.49). Therefore no payment is due as of the Current Installment Computation Date.

Restricted Yield/Investment Yield Comparison
Based on the Arbitrage Yield as stated in the Bond Documents, we have determined that the Restricted Yield of 6.440632% is equal to the Arbitrage Yield plus .125%.

The Yield on the restricted proceeds (the “Yield on Restricted Proceeds”) is calculated to be 0.095115% as shown on Schedule D for the Yield Restricted Period.

Restricted Yield
6.440632%

Yield on
Restricted Proceeds 0.095115%

0%

1%

2%

3%

4%

5%

6%

7%

No Yield Reduction Payment Amount

Record Keeping Requirements
Records evidencing the transaction data used to calculate arbitrage rebate and yield restriction amounts must be maintained until three years after the last outstanding bond of the issue is redeemed. This report, and documentation we maintain in our files, cannot be relied upon to meet the record retention requirement.

SYNOPSIS OF COMPUTATION RESULTS
As of the Current Installment Computation Date 26-Oct-25

Blackburn Creek Community Development District
$8,765,000 Special Assessment Revenue Bonds, Series 2015A-1 and Series 2015A-2 (Grand Palm Project)

Current Computation Period		
Acquisition and Construction Fund	$	(23,185.13)	
2015A-1 Reserve Fund	(57,268.01)	
2015A-2 Reserve Fund	(20,604.75)	
Computation Date Credits	(11,030.27)	
Current Computation Period Total Rebatable Arbitrage Liability	$	(112,088.16)	
Cumulative Computation Period		
Current Computation Period Total Rebatable Arbitrage Liability	$	(112,088.16)	
Future Value of Rebatable Arbitrage Liability Reported at 10/26/20	(957,040.33)	
Cumulative Rebatable Arbitrage Liability	$	(1,069,128.49)	
		
Gross Proceeds Subject to Arbitrage Rebate Remaining As of the Current Installment Computation Date

2015A-1 Reserve Fund	$	225,650.00	
2015A-2 Reserve Fund	81,406.25	
Debt Service Funds	32,708.55	
Total	$	339,764.80	

Schedule A
Rebatable Arbitrage Liability Computation Acquisition and Construction Fund
Blackburn Creek Community Development District
$8,765,000 Special Assessment Revenue Bonds, Series 2015A-1 and Series 2015A-2 (Grand Palm Project)

Issue Date	26-Oct-15	Combined Treasury Yield	1.738990%	
Beginning Date	26-Oct-20	Arbitrage Yield	6.315632%	
Computation Date	26-Oct-25	Total Earnings	$	14.59	

Date	
Receipts	
Payments	
Earnings	
Balance	Future
Value at Arbitrage Yield	Present
Value at Investment Yield	
26-Oct-20	$	-	$	(150,949.89)	$	(0.58)	$	150,949.89	$	(205,994.61)	$	150,950.47	
02-Nov-20			0.69	150,949.89	0.94	(0.69)	
03-Nov-20		(0.69)		150,950.58	(0.94)	0.69	
01-Dec-20			0.62	150,950.58	0.84	(0.62)	
02-Dec-20		(0.62)		150,951.20	(0.84)	0.62	
04-Jan-21			0.64	150,951.20	0.86	(0.64)	
05-Jan-21		(0.64)		150,951.84	(0.86)	0.64	
01-Feb-21			0.64	150,951.84	0.86	(0.64)	
02-Feb-21		(0.64)		150,952.48	(0.86)	0.64	
02-Feb-21	10,208.83			140,743.65	13,702.39	(10,208.69)	
01-Mar-21			0.54	140,743.65	0.72	(0.54)	
02-Mar-21		(0.54)		140,744.19	(0.72)	0.54	
01-Apr-21			0.60	140,744.19	0.80	(0.60)	
02-Apr-21		(0.60)		140,744.79	(0.80)	0.60	
03-May-21			0.58	140,744.79	0.77	(0.58)	
04-May-21		(0.58)		140,745.37	(0.77)	0.58	
01-Jun-21			0.60	140,745.37	0.79	(0.60)	
02-Jun-21		(0.60)		140,745.97	(0.79)	0.60	
01-Jul-21			0.58	140,745.97	0.76	(0.58)	
02-Jul-21		(0.58)		140,746.55	(0.76)	0.58	
02-Aug-21			0.60	140,746.55	0.78	(0.60)	
03-Aug-21		(0.60)		140,747.15	(0.78)	0.60	
01-Sep-21			0.60	140,747.15	0.78	(0.60)	
02-Sep-21		(0.60)		140,747.75	(0.78)	0.60	
01-Oct-21			0.58	140,747.75	0.75	(0.58)	
04-Oct-21		(0.58)		140,748.33	(0.75)	0.58	
01-Nov-21			0.60	140,748.33	0.77	(0.60)	
02-Nov-21		(0.60)		140,748.93	(0.77)	0.60	
01-Dec-21			0.58	140,748.93	0.74	(0.58)	
02-Dec-21		(0.58)		140,749.51	(0.74)	0.58	
03-Jan-22			0.60	140,749.51	0.76	(0.60)	
04-Jan-22		(0.60)		140,750.11	(0.76)	0.60	
01-Feb-22			0.60	140,750.11	0.76	(0.60)	
02-Feb-22		(0.60)		140,750.71	(0.76)	0.60	
14-Feb-22	2,218.60			138,532.11	2,792.51	(2,218.46)	
01-Mar-22			0.54	138,532.11	0.68	(0.54)	
02-Mar-22		(0.54)		138,532.65	(0.68)	0.54	
01-Apr-22			0.59	138,532.65	0.74	(0.59)	
04-Apr-22		(0.59)		138,533.24	(0.74)	0.59	
02-May-22			0.57	138,533.24	0.71	(0.57)	
03-May-22		(0.57)		138,533.81	(0.71)	0.57	
01-Jun-22			0.59	138,533.81	0.73	(0.59)	
02-Jun-22		(0.59)		138,534.40	(0.73)	0.59	
01-Jul-22			0.57	138,534.40	0.70	(0.57)	
05-Jul-22		(0.57)		138,534.97	(0.70)	0.57	

	
Date	
Receipts	
Payments	
Earnings	
Balance	Future
Value at Arbitrage Yield	Present
Value at Investment Yield	
01-Aug-22			0.59	138,534.97	0.72	(0.59)	
02-Aug-22		(0.59)		138,535.56	(0.72)	0.59	
01-Sep-22			0.59	138,535.56	0.72	(0.59)	
02-Sep-22		(0.59)		138,536.15	(0.72)	0.59	
03-Oct-22			0.57	138,536.15	0.69	(0.57)	
04-Oct-22		(0.57)		138,536.72	(0.69)	0.57	
01-Nov-22			0.59	138,536.72	0.71	(0.59)	
02-Nov-22		(0.59)		138,537.31	(0.71)	0.59	
18-Nov-22	138,537.31			0.00	166,314.20	(138,523.00)	
01-Dec-22			0.32	0.00	0.38	(0.32)	
02-Dec-22		(0.32)		0.32	(0.38)	0.32	
13-Feb-23	0.32			0.00	0.38	(0.32)	
Totals						$	(23,185.13)	$	0.00	

Schedule B
Rebatable Arbitrage Liability Computation 2015A-1 Reserve Fund
Blackburn Creek Community Development District
$8,765,000 Special Assessment Revenue Bonds, Series 2015A-1 and Series 2015A-2 (Grand Palm Project)

Issue Date	26-Oct-15	Combined Treasury Yield	1.738990%	
Beginning Date	26-Oct-20	Arbitrage Yield	6.315632%	
Computation Date	26-Oct-25	Total Earnings	$	24,112.79	

Date	
Receipts	
Payments	
Earnings	
Balance	Future
Value at Arbitrage Yield	Present
Value at Investment Yield	
26-Oct-20	$	-	$	(229,812.50)	$	(0.81)	$	229,812.50	$	(313,614.81)	$	229,813.31	
02-Nov-20			0.97	229,812.50	1.32	(0.97)	
01-Dec-20			0.94	229,812.50	1.28	(0.94)	
04-Jan-21			0.97	229,812.50	1.31	(0.97)	
01-Feb-21			0.98	229,812.50	1.32	(0.97)	
01-Mar-21			0.88	229,812.50	1.18	(0.87)	
01-Apr-21			0.98	229,812.50	1.30	(0.97)	
03-May-21			0.94	229,812.50	1.24	(0.93)	
01-Jun-21			0.98	229,812.50	1.29	(0.97)	
01-Jul-21			0.94	229,812.50	1.23	(0.93)	
02-Aug-21			0.98	229,812.50	1.28	(0.96)	
01-Sep-21			0.98	229,812.50	1.27	(0.96)	
01-Oct-21			0.94	229,812.50	1.21	(0.92)	
01-Nov-21			0.98	229,812.50	1.26	(0.96)	
01-Dec-21			0.94	229,812.50	1.20	(0.92)	
16-Dec-21	1,812.50			228,000.00	2,304.33	(1,770.55)	
03-Jan-22			0.97	228,000.00	1.23	(0.95)	
01-Feb-22			0.97	228,000.00	1.22	(0.95)	
01-Mar-22			0.87	228,000.00	1.09	(0.85)	
01-Apr-22			0.97	228,000.00	1.21	(0.94)	
02-May-22			0.94	228,000.00	1.17	(0.91)	
01-Jun-22			0.97	228,000.00	1.20	(0.94)	
01-Jul-22			0.94	228,000.00	1.16	(0.91)	
01-Aug-22			0.97	228,000.00	1.19	(0.94)	
01-Sep-22			0.97	228,000.00	1.18	(0.93)	
03-Oct-22			0.94	228,000.00	1.14	(0.90)	
01-Nov-22			0.97	228,000.00	1.17	(0.93)	
01-Dec-22			0.94	228,000.00	1.13	(0.90)	
03-Jan-23			0.97	228,000.00	1.16	(0.93)	
01-Feb-23			0.97	228,000.00	1.15	(0.93)	
01-Mar-23			0.87	228,000.00	1.03	(0.83)	
03-Apr-23			0.97	228,000.00	1.14	(0.92)	
01-May-23			0.94	228,000.00	1.10	(0.89)	
01-Jun-23			0.97	228,000.00	1.13	(0.92)	
03-Jul-23			0.94	228,000.00	1.09	(0.89)	
01-Aug-23			0.97	228,000.00	1.11	(0.92)	
10-Aug-23	228,000.00			0.00	261,603.96	(215,294.82)	
10-Aug-23		(228,000.00)		228,000.00	(261,603.96)	215,294.82	
01-Sep-23			735.22	228,000.00	840.53	(693.42)	
01-Sep-23			0.28	228,000.00	0.32	(0.26)	
02-Oct-23			1,002.58	228,000.00	1,140.06	(943.90)	
02-Oct-23		(1,002.58)		229,002.58	(1,140.06)	943.90	
03-Oct-23	1,002.58			228,000.00	1,139.86	(943.85)	
01-Nov-23			1,036.14	228,000.00	1,172.34	(973.89)	
01-Dec-23			995.39	228,000.00	1,120.41	(933.98)	

Date	
Receipts	
Payments	
Earnings	
Balance	Future
Value at Arbitrage Yield	Present
Value at Investment Yield	
01-Dec-23		(995.39)		228,995.39	(1,120.41)	933.98	
04-Dec-23	995.39			228,000.00	1,119.83	(933.82)	
02-Jan-24			1,023.00	228,000.00	1,145.34	(958.19)	
01-Feb-24			1,013.86	228,000.00	1,129.43	(948.06)	
01-Feb-24		(1,013.86)		229,013.86	(1,129.43)	948.06	
02-Feb-24	1,013.86			228,000.00	1,129.24	(948.01)	
01-Mar-24			948.59	228,000.00	1,051.26	(885.51)	
01-Mar-24		(948.59)		228,948.59	(1,051.26)	885.51	
04-Mar-24	948.59			228,000.00	1,050.72	(885.36)	
01-Apr-24			1,014.26	228,000.00	1,118.23	(945.19)	
01-Apr-24		(1,014.26)		229,014.26	(1,118.23)	945.19	
02-Apr-24	1,014.26			228,000.00	1,118.04	(945.14)	
23-Apr-24	1,125.00			226,875.00	1,235.62	(1,047.07)	
01-May-24			980.00	226,875.00	1,074.87	(911.70)	
01-May-24		(980.00)		227,855.00	(1,074.87)	911.70	
02-May-24	980.00			226,875.00	1,074.69	(911.65)	
03-Jun-24			1,008.99	226,875.00	1,100.57	(936.95)	
03-Jun-24		(1,008.99)		227,883.99	(1,100.57)	936.95	
04-Jun-24	1,008.99			226,875.00	1,100.38	(936.90)	
01-Jul-24			976.45	226,875.00	1,059.94	(905.29)	
01-Jul-24		(976.45)		227,851.45	(1,059.94)	905.29	
02-Jul-24	976.45			226,875.00	1,059.76	(905.24)	
01-Aug-24			1,008.39	226,875.00	1,088.95	(933.30)	
01-Aug-24		(1,008.39)		227,883.39	(1,088.95)	933.30	
02-Aug-24	1,008.39			226,875.00	1,088.76	(933.25)	
03-Sep-24			1,008.22	226,875.00	1,082.77	(931.44)	
03-Sep-24		(1,008.22)		227,883.22	(1,082.77)	931.44	
04-Sep-24	1,008.22			226,875.00	1,082.58	(931.39)	
01-Oct-24			938.51	226,875.00	1,003.04	(865.65)	
01-Oct-24		(938.51)		227,813.51	(1,003.04)	865.65	
02-Oct-24	938.51			226,875.00	1,002.87	(865.60)	
01-Nov-24			912.12	226,875.00	969.80	(839.87)	
01-Nov-24		(912.12)		227,787.12	(969.80)	839.87	
04-Nov-24	912.12			226,875.00	969.30	(839.73)	
02-Dec-24			847.30	226,875.00	896.07	(778.81)	
02-Dec-24		(847.30)		227,722.30	(896.07)	778.81	
03-Dec-24	847.30			226,875.00	895.91	(778.76)	
02-Jan-25			843.92	226,875.00	887.88	(774.37)	
02-Jan-25		(843.92)		227,718.92	(887.88)	774.37	
03-Jan-25	843.92			226,875.00	887.73	(774.33)	
03-Feb-25			818.25	226,875.00	856.28	(749.49)	
03-Feb-25		(818.25)		227,693.25	(856.28)	749.49	
04-Feb-25	818.25			226,875.00	856.13	(749.45)	
03-Mar-25			739.08	226,875.00	769.43	(675.81)	
03-Mar-25		(739.08)		227,614.08	(769.43)	675.81	
04-Mar-25	739.08			226,875.00	769.30	(675.77)	
26-Mar-25	1,225.00			225,650.00	1,270.25	(1,118.67)	
01-Apr-25			817.39	225,650.00	846.85	(746.23)	
01-Apr-25		(817.39)		226,467.39	(846.85)	746.23	
02-Apr-25	817.39			225,650.00	846.70	(746.18)	
01-May-25			787.58	225,650.00	811.75	(717.78)	
02-May-25		(787.58)		226,437.58	(811.61)	717.74	
02-May-25	787.58			225,650.00	811.61	(717.74)	
02-Jun-25			813.74	225,650.00	834.23	(740.31)	
02-Jun-25		(813.74)		226,463.74	(834.23)	740.31	
03-Jun-25	813.74			225,650.00	834.09	(740.27)	
01-Jul-25			787.58	225,650.00	803.38	(715.32)	
01-Jul-25		(787.58)		226,437.58	(803.38)	715.32	
02-Jul-25	787.58			225,650.00	803.24	(715.28)	

	
Date	
Receipts	
Payments	
Earnings	
Balance	Future
Value at Arbitrage Yield	Present
Value at Investment Yield	
01-Aug-25			813.83	225,650.00	825.87	(737.90)	
01-Aug-25		(813.83)		226,463.83	(825.87)	737.90	
04-Aug-25	813.83			225,650.00	825.44	(737.77)	
02-Sep-25			813.09	225,650.00	820.71	(735.93)	
02-Sep-25		(813.09)		226,463.09	(820.71)	735.93	
03-Sep-25	813.09			225,650.00	820.57	(735.88)	
01-Oct-25			762.23	225,650.00	765.53	(688.75)	
01-Oct-25		(762.23)		226,412.23	(765.53)	688.75	
02-Oct-25	762.23			225,650.00	765.40	(688.71)	
26-Oct-25	225,650.00		635.19	0.00	226,285.19	(204,179.63)	
Totals						$	(57,268.01)	$	0.00	

Schedule C
Rebatable Arbitrage Liability Computation 2015A-2 Reserve Fund
Blackburn Creek Community Development District
$8,765,000 Special Assessment Revenue Bonds, Series 2015A-1 and Series 2015A-2 (Grand Palm Project)

Issue Date	26-Oct-15	Combined Treasury Yield	1.738990%	
Beginning Date	26-Oct-20	Arbitrage Yield	6.315632%	
Computation Date	26-Oct-25	Total Earnings	$	8,647.92	

Date	
Receipts	
Payments	
Earnings	
Balance	Future
Value at Arbitrage Yield	Present
Value at Investment Yield	
26-Oct-20	$	-	$	(84,062.50)	$	(0.30)	$	84,062.50	$	(114,716.33)	$	84,062.80	
02-Nov-20			0.36	84,062.50	0.49	(0.36)	
01-Dec-20			0.34	84,062.50	0.46	(0.34)	
16-Dec-20	625.00			83,437.50	845.57	(623.22)	
04-Jan-21			0.35	83,437.50	0.47	(0.35)	
01-Feb-21			0.35	83,437.50	0.47	(0.35)	
01-Mar-21			0.32	83,437.50	0.43	(0.32)	
16-Mar-21	1,093.75			82,343.75	1,456.93	(1,085.06)	
01-Apr-21			0.35	82,343.75	0.47	(0.35)	
03-May-21			0.34	82,343.75	0.45	(0.34)	
01-Jun-21			0.35	82,343.75	0.46	(0.35)	
01-Jul-21			0.34	82,343.75	0.44	(0.34)	
02-Aug-21			0.35	82,343.75	0.46	(0.34)	
01-Sep-21			0.35	82,343.75	0.45	(0.34)	
01-Oct-21			0.34	82,343.75	0.44	(0.33)	
01-Nov-21			0.35	82,343.75	0.45	(0.34)	
01-Dec-21			0.34	82,343.75	0.43	(0.33)	
03-Jan-22			0.35	82,343.75	0.44	(0.34)	
01-Feb-22			0.35	82,343.75	0.44	(0.34)	
01-Mar-22			0.32	82,343.75	0.40	(0.31)	
01-Apr-22			0.35	82,343.75	0.44	(0.34)	
02-May-22			0.34	82,343.75	0.42	(0.33)	
01-Jun-22			0.35	82,343.75	0.43	(0.34)	
01-Jul-22			0.34	82,343.75	0.42	(0.33)	
01-Aug-22			0.35	82,343.75	0.43	(0.34)	
01-Sep-22			0.35	82,343.75	0.43	(0.34)	
03-Oct-22			0.34	82,343.75	0.41	(0.33)	
01-Nov-22			0.35	82,343.75	0.42	(0.34)	
01-Dec-22			0.34	82,343.75	0.41	(0.33)	
16-Dec-22	937.50			81,406.25	1,120.04	(897.25)	
03-Jan-23			0.35	81,406.25	0.42	(0.33)	
01-Feb-23			0.35	81,406.25	0.41	(0.33)	
01-Mar-23			0.31	81,406.25	0.37	(0.30)	
03-Apr-23			0.35	81,406.25	0.41	(0.33)	
01-May-23			0.33	81,406.25	0.39	(0.31)	
01-Jun-23			0.35	81,406.25	0.41	(0.33)	
03-Jul-23			0.33	81,406.25	0.38	(0.31)	
01-Aug-23			0.35	81,406.25	0.40	(0.33)	
10-Aug-23	81,406.25			0.00	93,404.37	(76,878.91)	
10-Aug-23		(81,406.25)		81,406.25	(93,404.37)	76,878.91	
01-Sep-23			262.51	81,406.25	300.11	(247.61)	
01-Sep-23			0.10	81,406.25	0.11	(0.09)	
02-Oct-23			357.96	81,406.25	407.05	(337.05)	
02-Oct-23		(357.96)		81,764.21	(407.05)	337.05	
03-Oct-23	357.96			81,406.25	406.98	(337.03)	

Date	
Receipts	
Payments	
Earnings	
Balance	Future
Value at Arbitrage Yield	Present
Value at Investment Yield	
01-Nov-23			369.95	81,406.25	418.58	(347.77)	
01-Dec-23			355.40	81,406.25	400.04	(333.52)	
01-Dec-23		(355.40)		81,761.65	(400.04)	333.52	
04-Dec-23	355.40			81,406.25	399.83	(333.46)	
02-Jan-24			365.26	81,406.25	408.94	(342.17)	
01-Feb-24			361.99	81,406.25	403.25	(338.54)	
01-Feb-24		(361.99)		81,768.24	(403.25)	338.54	
02-Feb-24	361.99			81,406.25	403.18	(338.52)	
01-Mar-24			338.69	81,406.25	375.35	(316.21)	
01-Mar-24		(338.69)		81,744.94	(375.35)	316.21	
04-Mar-24	338.69			81,406.25	375.15	(316.16)	
01-Apr-24			362.14	81,406.25	399.26	(337.53)	
01-Apr-24		(362.14)		81,768.39	(399.26)	337.53	
02-Apr-24	362.14			81,406.25	399.19	(337.51)	
01-May-24			350.37	81,406.25	384.29	(326.00)	
01-May-24		(350.37)		81,756.62	(384.29)	326.00	
02-May-24	350.37			81,406.25	384.22	(325.98)	
03-Jun-24			362.04	81,406.25	394.90	(336.24)	
03-Jun-24		(362.04)		81,768.29	(394.90)	336.24	
04-Jun-24	362.04			81,406.25	394.83	(336.22)	
01-Jul-24			350.37	81,406.25	380.33	(324.89)	
01-Jul-24		(350.37)		81,756.62	(380.33)	324.89	
02-Jul-24	350.37			81,406.25	380.26	(324.87)	
01-Aug-24			361.83	81,406.25	390.74	(334.94)	
01-Aug-24		(361.83)		81,768.08	(390.74)	334.94	
02-Aug-24	361.83			81,406.25	390.67	(334.92)	
03-Sep-24			361.77	81,406.25	388.52	(334.27)	
03-Sep-24		(361.77)		81,768.02	(388.52)	334.27	
04-Sep-24	361.77			81,406.25	388.45	(334.25)	
01-Oct-24			336.75	81,406.25	359.90	(310.66)	
01-Oct-24		(336.75)		81,743.00	(359.90)	310.66	
02-Oct-24	336.75			81,406.25	359.84	(310.64)	
01-Nov-24			327.28	81,406.25	347.98	(301.41)	
01-Nov-24		(327.28)		81,733.53	(347.98)	301.41	
04-Nov-24	327.28			81,406.25	347.80	(301.36)	
02-Dec-24			304.02	81,406.25	321.52	(279.49)	
02-Dec-24		(304.02)		81,710.27	(321.52)	279.49	
03-Dec-24	304.02			81,406.25	321.46	(279.48)	
02-Jan-25			302.81	81,406.25	318.58	(277.90)	
02-Jan-25		(302.81)		81,709.06	(318.58)	277.90	
03-Jan-25	302.81			81,406.25	318.53	(277.89)	
03-Feb-25			293.60	81,406.25	307.24	(268.98)	
03-Feb-25		(293.60)		81,699.85	(307.24)	268.98	
04-Feb-25	293.60			81,406.25	307.19	(268.96)	
03-Mar-25			265.19	81,406.25	276.08	(242.53)	
03-Mar-25		(265.19)		81,671.44	(276.08)	242.53	
04-Mar-25	265.19			81,406.25	276.03	(242.52)	
01-Apr-25			293.60	81,406.25	304.18	(268.09)	
01-Apr-25		(293.60)		81,699.85	(304.18)	268.09	
02-Apr-25	293.60			81,406.25	304.13	(268.07)	
01-May-25			284.13	81,406.25	292.85	(259.00)	
02-May-25		(284.13)		81,690.38	(292.80)	258.98	
02-May-25	284.13			81,406.25	292.80	(258.98)	
02-Jun-25			293.57	81,406.25	300.96	(267.13)	
02-Jun-25		(293.57)		81,699.82	(300.96)	267.13	
03-Jun-25	293.57			81,406.25	300.91	(267.12)	
01-Jul-25			284.13	81,406.25	289.83	(258.11)	
01-Jul-25		(284.13)		81,690.38	(289.83)	258.11	
02-Jul-25	284.13			81,406.25	289.78	(258.10)	

	
Date	
Receipts	
Payments	
Earnings	
Balance	Future
Value at Arbitrage Yield	Present
Value at Investment Yield	
01-Aug-25			293.60	81,406.25	297.94	(266.26)	
01-Aug-25		(293.60)		81,699.85	(297.94)	266.26	
04-Aug-25	293.60			81,406.25	297.79	(266.22)	
02-Sep-25			293.33	81,406.25	296.08	(265.55)	
02-Sep-25		(293.33)		81,699.58	(296.08)	265.55	
03-Sep-25	293.33			81,406.25	296.03	(265.53)	
01-Oct-25			274.99	81,406.25	276.18	(248.53)	
01-Oct-25		(274.99)		81,681.24	(276.18)	248.53	
02-Oct-25	274.99			81,406.25	276.13	(248.52)	
26-Oct-25	81,406.25		229.16	0.00	81,635.41	(73,675.96)	
Totals						$	(20,604.75)	$	0.00	

Schedule D
Yield Reduction Payment Computation Acquisition and Construction Fund - Yield Restriction Proof
Blackburn Creek Community Development District
$8,765,000 Special Assessment Revenue Bonds, Series 2015A-1 and Series 2015A-2 (Grand Palm Project)

Issue Date	26-Oct-15	Yield on Restricted Proceeds	0.095115%	
Beginning Date	26-Oct-20	Restricted Yield	6.440632%	
Computation Date	26-Oct-25	Total Earnings	$	633.79	

Date	
Receipts	
Payments	
Earnings	
Balance	Future
Value at Restricted Yield	Present
Value at Investment Yield	
26-Oct-18	$	-	$	(189,824.53)	$	(40.31)	$	189,824.53	$	(295,908.28)	$	189,864.84	
01-Nov-18			48.37	189,824.53	75.32	(48.37)	
02-Nov-18		(48.37)		189,872.90	(75.31)	48.37	
03-Dec-18			46.82	189,872.90	72.50	(46.82)	
04-Dec-18		(46.82)		189,919.72	(72.48)	46.82	
02-Jan-19			48.39	189,919.72	74.55	(48.38)	
03-Jan-19		(48.39)		189,968.11	(74.53)	48.38	
01-Feb-19			48.40	189,968.11	74.18	(48.39)	
04-Feb-19		(48.40)		190,016.51	(74.14)	48.39	
01-Mar-19			43.73	190,016.51	66.67	(43.72)	
04-Mar-19		(43.73)		190,060.24	(66.64)	43.72	
01-Apr-19			48.43	190,060.24	73.45	(48.41)	
02-Apr-19		(48.43)		190,108.67	(73.43)	48.41	
01-May-19			46.88	190,108.67	70.72	(46.86)	
02-May-19		(46.88)		190,155.55	(70.71)	46.86	
03-Jun-19			48.45	190,155.55	72.68	(48.42)	
04-Jun-19		(48.45)		190,204.00	(72.67)	48.42	
01-Jul-19			46.90	190,204.00	70.01	(46.87)	
02-Jul-19		(46.90)		190,250.90	(70.00)	46.87	
01-Aug-19			40.40	190,250.90	59.99	(40.37)	
02-Aug-19		(40.40)		190,291.30	(59.98)	40.37	
03-Sep-19			32.32	190,291.30	47.72	(32.29)	
04-Sep-19		(32.32)		190,323.62	(47.71)	32.29	
01-Oct-19			28.16	190,323.62	41.37	(28.14)	
02-Oct-19		(28.16)		190,351.78	(41.37)	28.14	
01-Nov-19			24.25	190,351.78	35.44	(24.23)	
04-Nov-19		(24.25)		190,376.03	(35.42)	24.23	
02-Dec-19			23.47	190,376.03	34.11	(23.45)	
03-Dec-19		(23.47)		190,399.50	(34.11)	23.45	
02-Jan-20			24.26	190,399.50	35.08	(24.23)	
03-Jan-20		(24.26)		190,423.76	(35.07)	24.23	
03-Feb-20			24.19	190,423.76	34.79	(24.16)	
04-Feb-20		(24.19)		190,447.95	(34.78)	24.16	
02-Mar-20			20.03	190,447.95	28.66	(20.00)	
03-Mar-20		(20.03)		190,467.98	(28.65)	20.00	
01-Apr-20			9.03	190,467.98	12.85	(9.02)	
02-Apr-20		(9.03)		190,477.01	(12.85)	9.02	
01-May-20			1.56	190,477.01	2.21	(1.56)	
04-May-20		(1.56)		190,478.57	(2.21)	1.56	
01-Jun-20			1.61	190,478.57	2.27	(1.61)	
02-Jun-20		(1.61)		190,480.18	(2.27)	1.61	
01-Jul-20			0.94	190,480.18	1.32	(0.94)	
02-Jul-20		(0.94)		190,481.12	(1.32)	0.94	

Date	
Receipts	
Payments	
Earnings	
Balance	Future
Value at Restricted Yield	Present
Value at Investment Yield	
03-Jul-20	10,938.43			179,542.69	15,319.63	(10,920.91)	
03-Aug-20			0.84	179,542.69	1.17	(0.84)	
04-Aug-20		(0.84)		179,543.53	(1.17)	0.84	
01-Sep-20			0.76	179,543.53	1.05	(0.76)	
02-Sep-20		(0.76)		179,544.29	(1.05)	0.76	
01-Oct-20			0.74	179,544.29	1.02	(0.74)	
02-Oct-20		(0.74)		179,545.03	(1.02)	0.74	
13-Oct-20	23,209.78			156,335.25	31,938.68	(23,166.48)	
14-Oct-20	5,385.36			150,949.89	7,409.42	(5,375.30)	
02-Nov-20			0.69	150,949.89	0.95	(0.69)	
03-Nov-20		(0.69)		150,950.58	(0.95)	0.69	
01-Dec-20			0.62	150,950.58	0.85	(0.62)	
02-Dec-20		(0.62)		150,951.20	(0.85)	0.62	
04-Jan-21			0.64	150,951.20	0.87	(0.64)	
05-Jan-21		(0.64)		150,951.84	(0.87)	0.64	
01-Feb-21			0.64	150,951.84	0.86	(0.64)	
02-Feb-21		(0.64)		150,952.48	(0.86)	0.64	
02-Feb-21	10,208.83			140,743.65	13,781.18	(10,186.85)	
01-Mar-21			0.54	140,743.65	0.73	(0.54)	
02-Mar-21		(0.54)		140,744.19	(0.73)	0.54	
01-Apr-21			0.60	140,744.19	0.80	(0.60)	
02-Apr-21		(0.60)		140,744.79	(0.80)	0.60	
03-May-21			0.58	140,744.79	0.77	(0.58)	
04-May-21		(0.58)		140,745.37	(0.77)	0.58	
01-Jun-21			0.60	140,745.37	0.79	(0.60)	
02-Jun-21		(0.60)		140,745.97	(0.79)	0.60	
01-Jul-21			0.58	140,745.97	0.76	(0.58)	
02-Jul-21		(0.58)		140,746.55	(0.76)	0.58	
02-Aug-21			0.60	140,746.55	0.78	(0.60)	
03-Aug-21		(0.60)		140,747.15	(0.78)	0.60	
01-Sep-21			0.60	140,747.15	0.78	(0.60)	
02-Sep-21		(0.60)		140,747.75	(0.78)	0.60	
01-Oct-21			0.58	140,747.75	0.75	(0.58)	
04-Oct-21		(0.58)		140,748.33	(0.75)	0.58	
01-Nov-21			0.60	140,748.33	0.77	(0.60)	
02-Nov-21		(0.60)		140,748.93	(0.77)	0.60	
01-Dec-21			0.58	140,748.93	0.74	(0.58)	
02-Dec-21		(0.58)		140,749.51	(0.74)	0.58	
03-Jan-22			0.60	140,749.51	0.76	(0.60)	
04-Jan-22		(0.60)		140,750.11	(0.76)	0.60	
01-Feb-22			0.60	140,750.11	0.76	(0.60)	
02-Feb-22		(0.60)		140,750.71	(0.76)	0.60	
14-Feb-22	2,218.60			138,532.11	2,805.05	(2,211.65)	
01-Mar-22			0.54	138,532.11	0.68	(0.54)	
02-Mar-22		(0.54)		138,532.65	(0.68)	0.54	
01-Apr-22			0.59	138,532.65	0.74	(0.59)	
04-Apr-22		(0.59)		138,533.24	(0.74)	0.59	
02-May-22			0.57	138,533.24	0.71	(0.57)	
03-May-22		(0.57)		138,533.81	(0.71)	0.57	
01-Jun-22			0.59	138,533.81	0.73	(0.59)	
02-Jun-22		(0.59)		138,534.40	(0.73)	0.59	
01-Jul-22			0.57	138,534.40	0.70	(0.57)	
05-Jul-22		(0.57)		138,534.97	(0.70)	0.57	
01-Aug-22			0.59	138,534.97	0.72	(0.59)	
02-Aug-22		(0.59)		138,535.56	(0.72)	0.59	
01-Sep-22			0.59	138,535.56	0.72	(0.59)	
02-Sep-22		(0.59)		138,536.15	(0.72)	0.59	

	
Date	
Receipts	
Payments	
Earnings	
Balance	Future
Value at Restricted Yield	Present
Value at Investment Yield	
03-Oct-22			0.57	138,536.15	0.69	(0.57)	
04-Oct-22		(0.57)		138,536.72	(0.69)	0.57	
01-Nov-22			0.59	138,536.72	0.71	(0.59)	
02-Nov-22		(0.59)		138,537.31	(0.71)	0.59	
18-Nov-22	138,537.31			0.00	166,907.34	(138,003.34)	
01-Dec-22			0.32	0.00	0.38	(0.32)	
02-Dec-22		(0.32)		0.32	(0.38)	0.32	
13-Feb-23	0.32			0.00	0.38	(0.32)	
Totals						$	(57,746.35)	(1) $	0.00	
(1) Negative result proves no yield reduction payment is required.

Blackburn Creek Community Development District

Ratification of Payment Authorization No. 254

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT

Payment Authorization No. 254
1/7/2026

Invoice No

Supplier

Invoice Date  Property

Invoice Amount

2251	Brletic Dvorak Inc (BLACKB)	12/29/2025	Blackburn Creek CDD	3,600.00

6607

Persson, Cohen, Mooney, Fernan (BLACKB)

01/05/2026	Blackburn Creek CDD

388.75

7997	VGlobalTech (BLACKB)	12/01/2025	Blackburn Creek CDD	300.00
Total:	4,288.75

Blackburn Creek CDD
c/o PFM Group Consulting
3501 Quadrangle Boulevard, Ste. 270
Orlando, FL 32817
MontejanoR@pfm.com // (407) 723-5951

Blackburn Creek Community Development District

Review of District Financial Statements
(provided under separate cover)

Blackburn Creek Community Development District

Staff Reports

Blackburn Creek Community Development District

District Engineer