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05l2912007 09:51 970-522-2220 LAUER, SZASU & A550C rAGt e11e3
<br />������ ������ C�:
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<br />C��tified Public Accoun�`ants 205 Main St. . F.O Box 1866 . Sterling, CO 80751-?B86
<br />I'hone g70•522-2218 . FAX 970-522•�22p
<br />PARITY CERTIFIC�ITE
<br />Pursuant to Section 8(e) of tk�e Loan Contract (tk�e "Loan Cor�tract") between the Town of
<br />Hillrose, Colorado Wnter Enterpxis� (the °Issuer") atLd t$e St�,te o,f Colorado Dep�rtmcnt
<br />of Natural Resotrrces, Colorado Water Conservation Boatd dated December 3, 2004, we,
<br />the u�ndersigr�ed, .as a firm of indepen,dent certif�ed �ubli,e aecounta,r�ts, do hereby
<br />certify, according to the records of the Issuer ir� ovr official possession as follows: ''
<br />,.
<br />1. The rever�ues of the Iasuer for th� 12 month. period begir�ning January 1, 2006
<br />� azad ending on December 31, 2006 (within tiho 1g r�a,ontkls x�meflia,tely precedin,� �
<br />the date of issuarlce o� the 8eries 2007A Bo�ds) wexe not sufficient to pay the
<br />�. Issuer's �nual o�erating and maintenance eMpenses
<br />outstar�ding %ndebtedl�eas having a lien nn the pledged e enuess t� c � ��j, .
<br />debt sc� on the proposed indebtedr�ess to be asaued, � rand all requir�d
<br />� deposite to any r�serve funds requi.red by the Loara CQ�tract ox by the lender(s�,
<br />; . cf er,�y in.debtednesa havii�g a lie� o� the pledged revenues a8 set forth o�, �
<br />. hibit A attached ktereto. � �
<br />� In an. effort to genex�te addxtio�,�1 rev�xa,ues, the Town has ancreased rates by� '' � '
<br />,, � ', $10 pex usex effective Ma,�ch 31, 2007. �'he i�,cre�,se �in rates should provide for' '''
<br />;". , suffici��,t revenues to rneet its annutal ,operating and ma�intenance expex�s�s; ' '• /:,�. �'
<br />. anz�ual debt service on a11 ou�stand�.�g x�debtedziess havin �
<br />: p1edged revenues, the az�nual�d,ebt service oza 1:he proposed indebtedsa,ess to �/
<br />� issued, and all � required deposits to any reservc �unda, The Town's ability ta � '
<br />rn�et its debt service obligd,tions ozZ ar� ongoing basis is ult�nately dependent ori
<br />; �". - its ability to collect the rates charged to its system us�rs ox� a timely basie. �
<br />.�•, . �� 2• The ataalysis of thc revcz�ucs is bas�d or� thc ratc struetuxe in effect at DECerrxber
<br />31, 2006. .
<br />,. 3. �Vo rr�ore than ].0% of total Teve�ues have originated ;fro�m tap and/or connection ' I .".
<br />' fees. -
<br />IN WITNESS WI�EREOF, we . ha,ve l�ereunto subscribed our official si�ature as of thc � �
<br />25� day of May, 2007. .,
<br />.L�au�, S�o. � ��ociatea, �. � � � ,
<br />Stearling, Colorado
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