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This document is in orated <br /> into the contract by reference. <br /> CERTIFICATE AS TO NET REVENUE <br /> The Central Weld County Water District (the "District") has <br /> informed us that it intends to enter into a Loan Agreement (the "2005 Loan") <br /> with and the Colorado Water Conservation Board (the "Water Board") . In addition, <br /> the District has informed us that pursuant to a resolution passed by the <br /> District's Board of Directors (the "Board") on May 20, 2004 authorizing the <br /> issuance of the District's Water Revenue Refunding Bonds, Series 2004 (the "2004 <br /> Bonds") and the loan agreement with the Colorado Water Resources and Power <br /> Development Authority ("CWRPDA") dated September 15, 1992 (the "1992 Loan") , the <br /> District can issue indebtedness having a lien on the Net Revenue (as defined <br /> below) on parity with the lien of the 2004 Bonds and the CWRPDA Loan only if it <br /> receives a certificate of a certified public accountant, not an employee of the <br /> District, as to the Net Revenue. We hereby certify as follows: <br /> 1. In accordance with the resolution authorizing the issuance <br /> of the 2004 Bonds, the undersigned hereby certifies as follows: <br /> The Net Revenue (as defined in the resolutions authorizing the issuance <br /> of the 2004 Bonds) for the fiscal year immediately preceding the date on which <br /> the 2005 Loan is to be issued, is $981,307 such amount being sufficient to pay <br /> an amount representing not less than 125% of the Average Annual Debt Requirement <br /> for the 1992 Loan, the 2004 Bonds and the 2005 Loan proposed to be issued <br /> (excluding any reserves therefor) . <br /> 2. In accordance with the terms of the 1992 Loan, the <br /> undersigned hereby certifies as follows: <br /> (a) The Net Revenue, exclusive of connection fees, for <br /> any 12 consecutive months out of the 18 months preceding the month in which the <br /> 2005 Loan is to be issued is $981,307, which is at least equal to the Maximum <br /> Annual Debt Service of all outstanding indebtedness of the District on a parity <br /> with or senior to the lien on the Net Revenue of the 1992 Loan (such parity <br /> indebtedness being the 2004 Bonds and the 2005 Loan) . <br /> (b) The maximum annual debt service of the 2004 Bonds, <br /> the 1992 Loan, and the 200r Loan is $484,897. <br /> Dated: March 21, 2005 <br /> WATKINS & SCHOMMER, INC. <br /> • Independent Certified Public Accountants <br /> • IP A, <br /> BY:left /J <br /> Fund <br /> •• <br /> �i <br />