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This document is incorporated into the contract by reference. CERTIFICATE AS TO NET REVENUE The Central Weld County Water District (the "District") has informed us that it intends to enter into a Loan Agreement (the "2005 Loan") with and the Colorado Water Conservation Board (the "Water Board"). In addition, the District has informed us that pursuant to a resolution passed by the District's Board of Directors (the "Board")on October 21, 2004 authorizing the issuance of the District's $3,937,500 Loan from the Colorado Water Conservation Board dated May 1, 2005 and on May 20, 2004 authorizing the issuance of the District's Water Revenue Refunding Bonds, Series 2004 (the "2004 Bonds") and the loan agreement with the Colorado Water Resources and Power Development Authority ("CWRPDA") dated September 15, 1992 (the "1992 Loan"), the District can issue indebtedness having a lien on the Net Revenue (as defined below) on parity with the lien of the 2004 Bonds and the CWRPDA Loan only if it receives a certificate of a certified public accountant, not an employee of the District, as to the Net Revenue. We hereby certify as follows: 1. In accordance with the resolution authorizing the issuance of the 2005 Loan, the undersigned hereby certifies as follows: The Net Revenue (as defined in the resolutions authorizing the issuance of the 2005 Loan) for the fiscal year immediately preceding the date on which the 2005 Loan is to be issued, is $981,307 such amount being sufficient to pay an amount representing not less than 125% of the Average Annual Debt Requirement for the 1992 Loan, the 2004 Bonds, May 1, 2005 Loan and the 2005 Loan proposed to be issued (excluding any reserves therefor). 2. In accordance with the terms of the 1992 Loan, the undersigned hereby certifies as follows: (a) The Net Revenue, exclusive of connection fees, for any 12 consecutive months out of the 18 mont:hs preceding the month in which the 2005 Loan is to be issued is $981,307, which is at least equal to the Maximum Annual Debt Service of all outstanding indebtedness of the District on a parity with or senior to the lien on the Net Revenue of the 1992 Loan (such parity indebtedness being the 2004 Bonds and the 2005 Loan). Loan, the May 15, $842,737. (b) The maximum annual debt service of the May 1, 2005 2005 Water Refunding Revenue Bonds and the 1992 Loan, is Dated: December 2, 2005 WATKINS & SCHOMMER, INC. Independent Certified Public Accountants By:M~ 9t-A~> 4.