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Stonegate Village Metropolitan District <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2000 <br />Note 8 -Tax spending and debt limitation <br />The District is subject to Article X, Section 20, of the Colorado State Constitution (the <br />TABOR amendment), which limits state and local taxing powers and imposes spending <br />limits. Enterprises, defined as government-owned businesses authorized to issue revenue <br />bonds and receiving less than 10% of annual revenue in grants from all state and local <br />governments combined, are excluded from the provisions of TABOR. The DisUict's <br />management believes the Enterprise funds of the District qualify for this exclusion. <br />This complicated amendment is subject to many interpretations; ultimate implementation <br />may depend upon litigation and legislative guidance. The District, through its board of <br />directors, its management, and its professional advisors, has made a good faith effort to <br />interpret the provisions of the amendment, and believes it is in compliance with those <br />provisions according to the good faith interpretations. <br />~=:~*** <br />22 <br />