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<br />8. The District has previously designated its water system as a water activity <br />enterprise under TABOR. The total revenue for the District's water activity enterprise in 2005 was <br />$ . Of this amount, $-0- was received in grants from state and local governments. <br />9. None of the corporate existence of the District, its present boundaries, or the <br />rights of the Board and officers to hold their respective positions, is being contested or challenged; <br />and no proceedings or authority for the execution or delivery of the Loan Documents have or has <br />been repealed, rescinded, revoked, modified, changed or altered in any manner. <br />10. All meetings of the Board relating to the execution and delivery ofthe Loan <br />Documents have been duly held on notice duly posted as: provided in Section 32-1-903, Colorado <br />Revised Statutes ("C.R.S."), and duly given to each member of the Board. All meetings of the <br />Board relating to the execution and delivery of the Loan Documents have been open to the public at <br />all times pursuant to Title 24, Article 6, Part 4, C.R.S. <br />11. No meeting of the Board relating to the execution and delivery of the Loan <br />Documents was held at a location exceeding twenty miles from the District's boundaries, as provided <br />by Section 32-1-903(1), C.R.S. <br />12. No director of the District owns undeveloped land which constitutes at least <br />twenty percent of the territory within the District. <br />13. No referendum petition concerning the Resolution or any other resolutions or <br />other proceedings of the Board concerning the Loan Documents or the uses of the proceeds of the <br />Loan has been filed, and to the best of our knowledge, none is being circulated or is planned for <br />circulation. <br /> <br />14. To the best of our knowledge, none of the persons named in paragraph 5 <br />above, nor any other officer of the District, has any pecuniary or other prohibited interest, direct or <br />indirect, in the profits of any contract or job for work or services to be performed, nor have such <br />persons solicited or received any pay, commission, money or anything of value or derived any <br />benefit, profit or advantage, directly or indirectly, in connection with the Loan Documents or the <br />uses of the proceeds of the Loan as provided in the Resolution; except to the extent that any such <br />conflict of interest has been disclosed to the Board and to the Secretary of State, pursuant to Section <br />32-1-902(3), C.R.S., or except to the extent such person has abstained from taking official action <br />thereon. <br /> <br />Page 3 of 4 <br />