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<br />Cerlified Public Accountants & Consullants
<br />CERTIFICATE AS TO NET REVENUE
<br />The Parker Water and Sanitation District (the "District") has informed us that it intends to enter
<br />into a Loan Agreement (the "2010 Loan") with the Colorado Water Resources and Power
<br />Development Authority. In addition, the District has informed us that pursuant to a resolution
<br />passed by the District's Board of Directors (the `Board") on March 19, 1998 authorizing the
<br />issuance of the District's Water and Sewer Revenue Refunding Bonds, Series 1998 (the "1998
<br />Bonds"), a resolution passed by the Board on August 23, 2001 authorizing the issuance of the
<br />District's Water and Sewer Revenue Refunding Bonds, Series 2001 (the "2001 Bonds"), and the
<br />loan agreements with the Colorado Water Resources and Power Development Authority
<br />("CWRI'DA") datecl April 1, 1994, August 1, 1994, May ], 1997, June 1, 1997, February 15,
<br />2000, May 15, 2000, May 1, 2001, June 1, 2002 and October l, 2002 (collectively, the
<br />"CWRPDA Loans"), and the Loan Contract with the Colorado Water Conservation Boaard dated
<br />as of November 14, 2002 (the "CWCB Loan"), the District can issue indebtedness having a lien
<br />on the Net Revenue (as defined below) on parity with the lien of the 1998 Bonds, the 2001
<br />Bonds, the CWRPDA Loans and the CWCB Loan only if it receives a certificate of a certified
<br />public accountant, not an employee of the District, as to the Net Revenue. We hereby certify as
<br />follows based on the unaudited financial information provided by Parker Water and Sanitation
<br />District for the 12 months ended September 30, 2010:
<br />1) In accordance with the resolutions authorizing the issuance of the 1998 Bonds and the 2001
<br />Bonds, the undersigned hereby certifies as follows:
<br />a) The Net Revenue (as defined in the resolutions autho�zing the issuance of the
<br />1998 Bonds and the 2001 Bonds) for the 12 consecutive months preceding the
<br />date on which the 2010 Loan is to be issued (12 months ended September 30,
<br />2010j is $10,231,762, which is at least equal to 115% of the current annual
<br />principal and interes� requirements for the 1998 Bonds, the 2001 Bonds, the
<br />CWRPDA Loans, the CWCB Loan and the 2010 Loan.
<br />b) The Net Revenue, excluding tap fees and standby charges, for the 12 consecutive
<br />months preceding the date on which the 2010 Loan is to be issued (12 months
<br />ended September 30, 2010) is $8,037,147, which is at least eGual to the current
<br />annual principal and interest requirements for the 1998 Bonds, the 2001 Bonds,
<br />the CWRPDA Loans, the CWCB Loan and the 2010 Loan.
<br />1
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<br />tel: (303) 779-5710
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