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IMORGAN COUNTY QUALITY WATER DISTRICT <br /> Notes to Financial Statements <br /> INote H- Commitments and contingencies <br /> In November 1992, Colorado voters passed an amendment, commonly known as the <br /> ' Taxpayer's Bill of Rights (TABOR), to the State Constitution (Article X, Section 20) which <br /> limits the revenue raising and spending abilities of state and local governments. The <br /> Amendment contains tax, spending, revenue and debt limitations that apply to the State of <br /> Colorado, all local governments and special districts. <br /> ' The Morgan County Quality Water District considers itself to be an enterprise as defined by <br /> TABOR, thus being exempt from the provisions of the Amendment. <br /> IIn addition, the District's electorate approved a ballot issue in May of 1996 that would allow <br /> the District (if it should be determined that the District does not qualify as an enterprise) to <br /> retain, appropriate, and utilize any and all revenues generated in 1993, 1994 and 1995 in <br /> II excess of the limits imposed by Article X, Section 20 of the Colorado Constitution, and be <br /> authorized to retain,appropriate, collect and utilize, by retention for reserve, carryover fund <br /> balance, or expenditure, the full proceeds and revenues received from every source <br /> ' whatsoever, without limitation, in 1996 and all subsequent years. <br /> Note I-Unrestricted net assets- designated for capital improvements <br /> IIn 1983, the Board of Directors approved a long-term expansion and upgrade plan as <br /> submitted by their engineering consultant. The plan provides for capital projects to be <br /> implemented in future years in order to maintain, develop and expand the current water <br /> ' system. In 2004, the Board decided to continue the capital improvement program and has <br /> designated $800,000 of retained earnings for the program. <br /> INote J- Northern integrated supply project <br /> During 2004, the District entered into an agreement with Northern Colorado Water <br /> Conservancy District (NCWCD), acting by and through its Northern Integrated Supply <br /> Project (NISP) Water Activity Enterprise. NISP is a collaborative effort between NCWCD and <br /> 15 northern Front Range municipalities and water districts to increase the quantity and <br /> reliability of their water supplies. As of December 31, 2010 the District has paid $288,225 <br /> to enter into this project, which has been classified as construction in progress. <br /> 25 <br />