CONTINUING DISCLOSURE CERTIFICATE

This Continuing Disclosure Certificate (the "Disclosure Certificate") is executed and delivered by Lake Ashton Community Development District (the "Issuer") in connection with the issuance of its $ 	Lake Ashton Community Development District Capital Improvement Revenue Refunding Bonds, Series 2015 (the "Bonds"). The Bonds are being issued pursuant to the Master Trust Indenture dated as of February 1, 2001 (the "Master Indenture"), between the Issuer and U.S. Bank National Association, as successor in trust to First Union National Bank, as trustee (the "Trustee"), as amended and supplemented from time to time, and as particularly supplemented by the Fourth Supplemental Trust Indenture, dated as of March 1, 2015 (the "Supplemental Indenture" and, together with the Master Indenture, the "Indenture").

SECTION 1.	PURPOSE OF THE DISCLOSURE CERTIFICATE. This Disclosure
Certificate is being executed and delivered by the Issuer for the benefit of the Owners of the Bonds. This Disclosure Certificate is being entered into to assist the Participating Underwriter (herein defined) of the Bonds in complying with the applicable provisions of Section 15c2- 12(b)(5) of the Rule under the United States Securities Act of 1933, as amended (the "Securities Act"). The Issuer has no reason to believe that this Disclosure Certificate does not satisfy the requirements of the Rule and the execution and delivery of this Disclosure Certificate, as it relates to the obligations of the Issuer hereunder, is intended to comply with the Rule. To the extent it is later determined by a court of competent jurisdiction, a governmental regulatory agency, or an attorney specializing in federal securities law, that the Rule requires the Issuer to provide additional information, the Issuer agrees to promptly provide such additional information.

The provisions of this Disclosure Certificate are supplemental and in addition to the provisions of the Indenture with respect to reports, filings and notifications provided for therein, and do not in any way relieve the Issuer, the Trustee or any other person of any covenant, agreement or obligation under the Indenture (or remove any of the benefits thereof) nor shall anything herein prohibit the Issuer, the Trustee or any other person from making any reports, filings or notifications required by the Indenture or any applicable law.

SECTION 2. DEFINITIONS. In addition to the definitions set forth in the Indenture which apply to any capitalized term used in this Disclosure Certificate, unless otherwise defined in this Section, the following capitalized terms shall have the following meanings:

"Annual Report" shall mean any Annual Report provided by the Issuer pursuant to, and as described in, Sections 3 and 4 of this Disclosure Certificate.

"Assessments" shall mean the non-ad valorem special assessments pledged to the payment of the Bonds pursuant to the Indenture.

"Beneficial Owner" shall mean any person which (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Bonds (including persons holding Bonds through nominees, depositories or other intermediaries), or (b) is treated as the owner of any Bonds for federal income tax purposes.

"Business Day" means any day other than a Saturday, Sunday or a day on which the Issuer is required, or authorized or not prohibited by law (including executive orders), to close and is closed.

"Disclosure Representative" shall mean the person or entity serving as District Manager (within the meaning of Chapter 190, Florida Statutes) from time to time or each other officer or employee of the Issuer as the Issuer shall designate in writing to the Trustee and the Dissemination Agent from time to time.

"Dissemination Agent" shall mean, initially, Prager & Co., LLC, or any successor Dissemination Agent designated in writing by the Issuer and which has filed with the Issuer a written acceptance of such designation.

"Fiscal Year" shall mean the period commencing on October 1 and ending  on  September 30 of the next succeeding year, or such other period of time provided by applicable law.

"Listed Events" shall mean any of the events listed in Section 5(a) of this Disclosure Certificate.

"MSRB" means the Municipal Securities Rulemaking Board.

"National Repository" shall mean the MSRB, through its Electronic Municipal Market Access ("EMMA") system described in Securities and Exchange Commission Release No. 34- 59062.

"Obligated Person" shall mean any person, including the Issuer, who is either generally  or through an enterprise, fund, or account of such person committed by contract or other arrangement to support payment of all, or part of the obligations on the Bonds (other than providers of municipal bond insurance, letters of credit, or other liquidity facilities).

"Limited Offering Memorandum" shall mean the final offering document relating to the
Bonds.

"Owners" shall have the meaning ascribed thereto in the Indenture with respect to the
Bonds and shall include Beneficial Owners of the Bonds, including those that have the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of any Bonds (including persons holding Bonds through nominees, depositories or other intermediaries), or are treated as the owner of any Bonds for federal income tax purposes.

"Participating Underwriter" shall mean the original underwriter of the Bonds required to comply with the Rule in connection with offering of the Bonds.

"Repository" shall mean the National Repository and each State Repository, if any.

"State Repository" shall mean the state information repository, if any, designated by the State and with which filings are required to be made by the Issuer in accordance with the Rule.

"State" shall mean the State of Florida.

SECTION 3.	PROVISION OF ANNUAL REPORTS.

The Issuer shall, or shall  cause  the  Dissemination  Agent  to,  within  180 days of the end of the Issuer's Fiscal Year, beginning with the fiscal  year  ending  September 30, 2015 (the "Annual Filing Date") provide to any Repository in electronic format as prescribed by such Repository an Annual Report which is consistent with the requirements of Section 4 of this Disclosure Certificate. The Annual Report may be submitted as a single document or as separate documents comprising a package, and may cross-reference other information as provided in Section 4 of this Disclosure Certificate; provided that the audited financial statements of the Issuer may be submitted separately from the balance of the Annual Report and later than the date required above for the filing of the Annual Report if they are not available by that date but in no event later than 270 days after the end of the Issuer's Fiscal Year. If the Issuer's fiscal year changes, it shall give notice of such change in the same manner as for a Listed Event under Section 5(a).

If on the fifteenth (15th) day prior to each Annual Filing Date the Dissemination Agent has not received a copy of the Annual Report, the Dissemination Agent shall contact the Disclosure Representative by telephone and in writing (which may be by e- mail) to remind the Issuer of its undertaking to provide the Annual Report pursuant to this Section 3. Upon such reminder, the Disclosure Representative shall either (i) provide the Dissemination Agent with an electronic copy of the Annual Report in accordance with Section 3
above, or (ii) instruct the Dissemination Agent in writing that the Issuer will not be able to file the Annual Report within the time required under this Disclosure Certificate, state the date by which the Annual Report for such year will be provided and instruct the Dissemination Agent that a Listed Event as described in Section 5(a)(16) has occurred and to immediately send a notice to the National Repository and the State Repository (if any) in substantially the form attached as Exhibit A.

If the Dissemination Agent has not received an Annual Report by 12:00 noon on the first Business Day following the Annual Filing Date for the Annual Report, a Listed Event described in Section 5(a)(16) shall have occurred and the Issuer hereby directs the Dissemination Agent to immediately send a notice to the National Repository and the State Repository (if any) in substantially the form attached as Exhibit A.

The Dissemination Agent shall:

determine each year prior to the date for providing the Annual Report the name and address of the National Repository and each State Repository, if any; and

promptly upon fulfilling its obligations under subsection (a) above, file a notice with the Issuer stating that the Annual Report has been provided pursuant to this Disclosure Certificate and stating the date(s) it was provided.

SECTION 4.	CONTENT OF ANNUAL REPORTS. The Issuer's Annual Report shall contain or include by reference the following:

The Issuer's Annual Report shall contain or incorporate by reference the following, which includes an update of all the financial and operating data of the Issuer to the extent presented in the Limited Offering Memorandum. All information in the Annual Report shall be presented for the immediately preceding Fiscal Year and, to the extent available, the current Fiscal Year:

The amount of Assessments levied for the most recent tax year.

The amount of Assessments collected from property owners for the most recent tax year.

If available, the amount of delinquencies greater than 150 days, and, in the event that delinquencies amount to more than ten percent (10%) of the amounts of Assessments due in any year, a list of delinquent property owners.

The amount of tax certificates sold, if any, and the balance, if any, remaining for sale.

All fund balances in all Funds and Accounts for the Bonds. The Issuer shall provide any Owners and the Dissemination Agent with this information more frequently than annually within thirty (30) days of the written request of the Owners.

The total amount of Bonds Outstanding.

The amount of principal and interest due on the Bonds for the current year and all subsequent years to maturity.

The most recent audited financial statements of the Issuer, which shall be prepared in accordance with governmental accounting standards promulgated by the Government Accounting Standards Board.

To the extent any of the items set forth in subsections (i) through (vii) above are included in the audited financial statements referred to in subsection (viii) above, they do not have to be separately set forth.

The information provided under this Section 4 may be included by specific reference to documents, including offering documents of debt issues of the Issuer or related public entities, which are available to the public on the Repository's Internet website or filed with the Securities and Exchange Commission. If the document incorporated by reference is a final offering document it must be available from the MSRB or EMMA. The Issuer shall clearly identify each such other document so incorporated by reference.

The Issuer reserves the right to modify from time to time the specific types of information provided in its Annual Report or the format of the presentation of such information, to the extent necessary or appropriate in the judgment of the Issuer; provided that the Issuer agrees that any such modification will be done in a manner consistent with the Rule.

SECTION 5.	REPORTING OF SIGNIFICANT EVENTS.

(a)     Pursuant to the provisions of this Section 5, the Issuer shall give, or cause  to be given, notice of the occurrence of any of the following events with respect to the Bonds to the Dissemination Agent in writing in sufficient time in order to allow the Dissemination Agent to file notice of the occurrence of such Listed Event in a timely manner not in excess of ten (10) Business Days after the occurrence of the event, with the exception of the event described in number 16 below, which notice shall be given in a timely manner:

principal and interest payment delinquencies;

non-payment related defaults, if material;

unscheduled	draws	on	debt	service	reserves	reflecting	financial difficulties;

unscheduled	draws	on	credit	enhancements	reflecting	financial difficulties;

substitution of credit or liquidity providers, or their failure to perform;

adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701 TEB) or other material notices or determinations with respect to the tax status of the Bonds, or other material events affecting the tax status of the Bonds;

modifications to rights of the holders of the Bonds, if material;

Bond calls, if material, and tender offers;

defeasances;

release, substitution, or sale of property securing repayment of the Bonds, if material;

ratings changes;

bankruptcy, insolvency, receivership or similar event of the Issuer (which is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for the Issuer in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the Issuer);

the consummation of a merger, consolidation, or acquisition involving an Obligated Person or the sale of all or substantially all of the assets of the Obligated Person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material; and

appointment of a successor or additional trustee or the change of name of a trustee, if material; and

occurrence of any Event of Default under the Indenture (other than as described in clause (1) above), if material.

failure to provide the Annual Report as required under this Disclosure Certificate that contains, in all material respects, the information required under Section 3 of this Disclosure Certificate, which failure shall, in all cases, be deemed material.

SECTION 6. IDENTIFYING INFORMATION. In accordance with the Rule, all disclosure filings submitted pursuant to this Disclosure Certificate to any Repository must be accompanied by identifying information as prescribed by the Repository. Such information may include, but not be limited to:

the category of information being provided;

the period covered by any annual financial information, financial statement or other financial information or operation data;

the issues or specific securities to which such documents are related (including CUSIPs, issuer name, state, issue description/securities name, dated date, maturity date, and/or coupon rate);

the name of any Obligated Person other than the Issuer;

the name and date of the document being submitted; and

contact information for the submitter.

SECTION 7.	TERMINATION	OF	REPORTING	OBLIGATION. The	Issuer's
obligations under this Disclosure Certificate shall terminate upon the legal defeasance, prior redemption or payment in full of all of the Bonds, so long as there is no remaining liability of the Issuer, or if the Rule is repealed or no longer in effect. If such termination occurs prior to the final maturity of the Bonds, the Issuer shall give notice of such termination in the same manner as for a Listed Event under Section 5.

SECTION 8. DISSEMINATION AGENT. The Issuer  may,  from  time  to  time, appoint or engage a Dissemination Agent to assist it in carrying out its obligations under this Disclosure Certificate, and may discharge any such Dissemination Agent, with or without

appointing a successor Dissemination Agent. The Dissemination Agent shall not be responsible in any manner for the content of any notice or report prepared by the Issuer pursuant to this Disclosure Certificate.

SECTION 9. AMENDMENT; WAIVER. Notwithstanding any other provision of this Disclosure Certificate, the Issuer may amend this Disclosure Certificate, and any provision of this Disclosure Certificate may be waived, provided that the following conditions are satisfied:

If the amendment or waiver relates to the provisions of Sections 3(a), 4, or 5(a), it may only be made in connection with a change in circumstances that arises from a change in legal requirements, change in law, or change in the identity, nature or status of the Issuer, or the type of business conducted;

The undertaking, as amended or taking into account such waiver, would, in the opinion of nationally recognized bond counsel, have complied with the requirements of the Rule at the time of the original issuance of the Bonds, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances; and

The amendment or waiver either (i) is approved by the holders or Beneficial Owners of the Bonds in the same manner as provided in the Indenture for amendments to the Indenture with the consent of holders or Beneficial Owners, or (ii) does not, in the opinion of nationally recognized bond counsel, materially impair the interests of the holders or Beneficial Owners of the Bonds.

Notwithstanding the foregoing, the Issuer shall have the right to adopt amendments to this Disclosure Certificate necessary to comply with modifications to and interpretations of the provisions of the Rule as announced by the Securities and Exchange Commission from time to time.

In the event of any amendment or waiver of a provision of this Disclosure Certificate, the Issuer shall describe such amendment in the next Annual Report, and shall include, as applicable, a narrative explanation of the reason for the amendment or waiver and its impact on the type (or in the case of a change of accounting principles, on the presentation) of financial information or operating data being presented by the Issuer. In addition, if the amendment relates to the accounting principles to be followed in preparing financial statements, (i) notice of such change shall be given in the same manner as for a Listed Event under Section 5, and (ii) the Annual Report for the year in which the change is made should present a comparison (in narrative form and also, if feasible, in quantitative form) between the financial statements as prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles.

SECTION 10. ADDITIONAL INFORMATION. Nothing in this Disclosure Certificate shall be deemed to prevent the Issuer from disseminating any other information, using the means of dissemination set forth in this Disclosure Certificate or any other means of communication, or including any other information in any Annual Report or notice of occurrence of a Listed Event, in addition to that which is required by this Disclosure Certificate. If the Issuer chooses to include any information in any Annual Report or notice of occurrence of a Listed Event in

addition to that which is specifically required by this Disclosure Certificate, the Issuer shall have no obligation under this Certificate to update such information or include it in any future Annual Report or notice of occurrence of a Listed Event.

SECTION 11. DEFAULT. The continuing disclosure obligations of the Issuer set forth herein constitute a contract with the holders of the Bonds. In the event of a failure of the Issuer  to comply with any provision of this Disclosure Certificate, any holder or Beneficial Owner of the Bonds may take such actions as may be necessary and appropriate, including seeking mandamus or specific performance by court order, to cause the Issuer to comply with its obligations under this Disclosure Certificate; provided, however, the sole remedy under this Disclosure Certificate in the event of any failure of the Issuer to comply with the provisions of this Disclosure Certificate shall be an action to compel performance. A default under this Disclosure Certificate shall not be deemed an Event of Default under the Indenture.

SECTION 12. BENEFICIARIES. This Disclosure Certificate shall inure solely to the benefit of the Issuer, the Dissemination Agent, the Participating Underwriter and holders and Beneficial Owners from time to time of the Bonds, and shall create no rights in any other person or entity.

SECTION 13. DUTIES OF DISSEMINATION AGENT. The  Dissemination  Agent shall have only such duties as are specifically set forth in the applicable written dissemination agent agreement between the Issuer and such Dissemination Agent and in this Disclosure Certificate. The Dissemination Agent shall have no obligation to notify any other party hereto of an event that may constitute a Listed Event. The Issuer and the Disclosure Representative represent and warrant that they will supply, in a timely fashion, any information reasonably requested by the Dissemination Agent that is necessary in order for the Dissemination Agent to carry out its duties under this Disclosure Certificate. The Issuer and the Disclosure Representative acknowledge and agree that the information to be collected and disseminated by the Dissemination Agent will be provided by the Issuer, the Disclosure Representative and others. The Dissemination Agent's duties do not include authorship or production of any materials, and the Dissemination Agent shall have no responsibility hereunder for the content of the information provided to it by the Issuer or the Disclosure Representative as thereafter disseminated by the Dissemination Agent.

SECTION 14. COUNTERPARTS. This Disclosure Certificate may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

SECTION 15.	ISSUER,	DISCLOSURE	REPRESENTATIVE	AND	TRUSTEE
COOPERATION. The Issuer and the Disclosure Representative agree that the Dissemination Agent, in such capacity hereunder, may receive, upon request, from the Issuer, the Disclosure Representative and the Trustee, on a timely basis, any information or reports within their respective control the Dissemination Agent requests in furtherance of the Dissemination Agent's duties hereunder, including balances in the Funds and Accounts established under the Indenture and such other information as it deems necessary to review compliance by the other parties hereto with their respective obligations hereunder, and the District directs the Trustee, at the expense of the District, to provide such.

SECTION 16. GOVERNING LAW.  This Disclosure Certificate shall be governed by  the laws of the State of Florida and Federal law and venue shall be in any state or federal court having jurisdiction in Polk County, Florida.

SECTION 17. BINDING EFFECT. This Disclosure Certificate shall be binding upon each party and upon each successor and assignee of each party and shall inure to the benefit of, and be enforceable by, each party and each successor and assignee of each party.

Dated this day of March, 2015.

LAKE ASHTON COMMUNITY DEVELOPMENT DISTRICT

[SEAL] ATTEST:

By:	 Chair/Vice Chair, Board of Supervisors

Secretary/Assistant Secretary, Board of Supervisors

SIGNATURE PAGE FOR CONTINUING DISCLOSURE CERTIFICATE
(Lake Ashton Community Development District)

Joined by Governmental Management Services – Central Florida LLC, as Disclosure Representative for purposes of Sections 3, 5, 10, 13 and 15 only.

DISCLOSURE REPRESENTATIVE

By:______________________________
Title: District Manager

SIGNATURE PAGE FOR CONTINUING DISCLOSURE CERTIFICATE
(Lake Ashton Community Development District)

Joined by U.S. Bank National Association, as Trustee for purposes of Section 15 only.

TRUSTEE:

U.S. BANK NATIONAL ASSOCIATION

By:________________________________
Title: Vice President

EXHIBIT A

NOTICE OF FAILURE TO FILE ANNUAL REPORT

Name of Issuer:	Lake Ashton Community Development District

Name of Bond Issue: Capital Improvement Revenue Refunding Bonds, Series 2015 Date of Issuance:	, 2015

NOTICE IS HEREBY GIVEN that the Issuer has not provided an Annual Report with respect to the above-named Bonds as required by Sections 3 and 4 of the Continuing Disclosure Certificate dated as of _______.  The Issuer anticipates that the Annual Report will be filed by	_.

Dated:__________________

[DISSEMINATION AGENT]

By:________________________________
Name:______________________________
Title: 	

{30280166;2}	A-1