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i� <br /> I� <br /> I� <br /> �� <br />� <br />Resolution Adopting Supplemental Budget and Appropriation <br />A RESOLUTION FOR SWAN'S NES I METROPOLITAN DISTRICT (SNMD), BRECKENRIDGE, COLORADO TO ADOPT A <br />SUPPLEMENTAL BUDGET AND APPROPRIATION. <br />WHEREAS, <br />The SNMD has adopted a budget for 2010; and <br />Since the adoption of that budget, the SNMD has negotiated a settlement of a dispute regarding <br />the water rights and related assets that are currently being used to provide water service to customers <br />within the SNMD service area which requires SNMD to pay Breckenridge Meadows Deveiopmer�� <br />Company (BMDC) the sum of $285,000 ("Settlement Amount") in the form of a cash payment of $85,000 <br />and a 6 month promissory note for the rest; and <br />� <br />� <br />� <br />� <br />i <br />� <br />Without admitting that SNMD is required to make any payment to BMDC for these water rights and <br />related assets, the Board of Directors of SNMD believe that it is in the best interests of SNMD to resolve <br />this dispute by settlement as opposed to litigation; and <br />SNI�liD wiil be receiving revenues in 2010 that were not assured at the ti►�ne of adoption of the 2010 <br />budget for SNMD consisting of the following: <br />(a) Unsecured loans from the Homeowners Association for the Villas at Swan's Nest (a <br />development within the SNMD), or individual customers within the SNMD, or both for the purpose of <br />paying the Settlement Amount, or portion thereof, said loans to be paid back with an increase in service <br />fees of $57 per SFE, said increase being approved contemporaneously by the Board of Directors of the <br />SNMD; or <br />(b) A secured loan from the state Water Project Loan Prograrrz for the purpose of paying the <br />Settlement Amount, or portion thereof, said loan also to be paid back with an increase in service fees of <br />$10 per SFE, said increase being approved contemporaneously by the Board of Directors; and/or <br />(c) Prepayment by the Homeowners Association for the Tiger Run RV Park (a development <br />outside of the SNMD but within the SNMD service plan that is currently being served under a lease <br />agreement} of a portion of an equitable plant investment fee (for water rights and general <br />infrastructure) attributable to the Tiger Run RV Park; and <br />Given these additional revenues, which are coming from a source other than the SNMD's property tax <br />mil! levy, the Board of Directors of the SNMD believes it is in the best interests of the SNMD to adopt a <br />supplemental budget and appropriation that authorizes the expenditure of these additional revenues <br />for the purpose of paying the Settlement Amount; and <br />The proposed supplemental budget and appropriation does not include a request for increased <br />property tax revenues; and <br />� <br />The SNMD is authorized pursuant to C.R.S. § 29-1-109 to adopt a supplemental budget and <br />appropriation and has provided the notice of its proposal to adopt a supplemental budget and <br />appropriation in accordance with C.R.S. g 29-1-106. <br />, <br />