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Stonegate Village Metropolitan District <br />NOTES TO 1+INANCIAL STATEMENTS <br />December 31, 2006 <br />Note 5 - Net assets (continued) <br />Investment in capital assets, net of related debt is calculated as follows: <br />Governmental Business-type <br />Activities Activities <br />Investment in capital assets, net of depreciation $ 5,378,018 $ 27,589,625 <br />Debt related to capital improvements: <br />Accrued interest (133,285) - <br />Bonds payable (36,209,103) - <br />Invested in capital assets, net of related debt $ (30.964.370) $ 27.589.625 <br />Note 6 -Intergovernmental agreements <br />Regional Facilities Construction Agreement <br />On November 22, 1996, the District entered into a Second Amended and Restated <br />Regional Facilities and Construction Agreement with Lincoln Park Metropolitan District <br />(Lincoln Park) to replace a previous agreement between the parties dated April 15, 1992. <br />This agreement provides that all right, title and interest, including water rights, that <br />Lincoln Park has in the water and sanitary sewer system, which serves both districts, was <br />conveyed to the District. Certain water, sanitary sewer and street improvements, as defined <br />in the agreement, within Lincoln Park's boundaries will be constructed and financed by the <br />District. Any costs incurred within Lincoln Park's boundaries that have not been <br />identified in the agreement shall be paid by Lincoln Park. The District will continue to <br />own, operate and maintain the recreational and park facilities as well as the water and <br />sewer facilities <br />The Districts agree that the first 2,531 single family'/4 inch water tap equivalents (SI'Es) to <br />be developed and delivered through the water facilities, as well as water capacity necessary <br />to serve certain irrigation properties within Lincoln Parlc's boundaries shall be dedicated in <br />perpetuity to supply water taps in the District. Water taps in excess of the above are <br />dedicated to Lincoln Park. The District, Lincoln Parlc and the Developer have agreed to <br />share pro rata the costs to maintain water rights in the Augmentation Plan. <br />Sewer treatment capacity in excess of 550,000 gallons per day is reserved to Lincoln Parlc. <br />20 <br />