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Stonegatc Village Metropolitan District NOTES TO FINANCIAL STATEMENTS December 31, 2006 Note 6 - Intergovenunental agreements (continued) The District will construct certain streets and related components and shall operate, maintain and replace such streets until they have been deeded to Douglas County upon final approval and acceptance by the County. This agreement also provides procedures for escrow and disbursement of fiends related to the construction of these facilities. Armually, the Districts are to agree to a construction budget. Compark Business Campus MetroQolitan District Regional Facilities Agreement During 1998, the District entered into a Regional Facilities Agreement with Compark Business Campus Metropolitan District (Compark). The District agreed to provide water and sanitation services to the property within the Compark boundaries in exchange for conveyance by Compark of a minimum of 317 acre feet of water to the District. Compark also agreed to finance all facilities which are necessary for the District to provide water and sewer services to Compark properties. These facilities will be owned by the District. The agreement also provides that the District will receive a system development fee for each single family equivalent combined water and sewer tap from Compark Business Metropolitan District. As of December 31, 2006, the system development fee was $2,416. 1'he system development fee can be adjusted September 1, of each year based on the Denver-Boulder CPI. The District received $9,664 of system development fees during the year ended December 31, 2006. Note 7 -Risk mana eg ment The District is exposed to various risks of loss related to toirts, thefts of, damage to, or destruction of assets; errors or omissions; injuries to personnel, or natural disasters. The Colorado Special Districts Property and Liability Pool (the Pool) is an organization created by governmental agreement to provide common liability and casualty insurance coverage to its members at a cost that is considered economically appropriate. It provides coverage for property claims up to the values declared, and liability claims for up to $1,000,000. Settled claims have not exceeded this amount during the past 3 years. The District pays annual premiums to the Pool for auto, public officials, and property and general liability. In the event aggregated losses incurred by the Pool exceed its amounts recoverable from reinsurance contracts and its accumulated reserves, the District may be called upon to make additional contributions to the Pool on the basis proportionate to other members. Any excess funds which the Pool determines are not needed for purposes of the Pool may be returned to the members pursuant to a distribution formula. 21