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Holscher, Mayberry 'Q Company, LLC <br /> Certified Public Accountants <br /> Member of the American Institute of Certified Public Accountants <br /> Governmental Audit Quality Center <br /> and Private Company Practice Section <br /> STATE OF COLORADO ) <br /> COUNTY OF MONTEZUMA ) <br /> PARITY CERTIFICATE <br /> CITY OF CORTEZ ) <br /> The undersigned, an Independent Certified Public Accountant, in connection with the delivery by <br /> the City of Cortez, Colorado (the "City"), acting by and through its City of Cortez Water Enterprise (the <br /> "Enterprise"), of that certain Loan Contract (the "Loan Contract") and Promissory Note in the aggregate <br /> principal amount of$858,500 (the "2015 Note") hereby certifies that: <br /> Based on an analysis of the revenues (the "Revenues") of the water system (the "System")of the <br /> Enterprise (attached as Exhibit 1) on the basis of the current rate structure of the Enterprise or the rate <br /> structure most recently adopted and with the understanding that no more than 10% of total revenues <br /> may originate from tap and/or connection fees, Revenues for 12 consecutive months out of 18 months <br /> preceding the issuance of the 2015 Note are sufficient to pay the annual operating and maintenance <br /> expenses of the System,annual debt service on all outstanding indebtedness having a lien on the Pledged <br /> Revenue (as defined in the Loan Contract) including the 2015 Note, and all required deposits to any <br /> reserve funds required by the 2015 Loan Contract or any indebtedness having a lien on Pledged Revenue. <br /> IN WITNESS WHEREOF, I have hereunder subscribed my name this 16th day of April, 2015. <br /> By: � '1 <br /> Principal <br /> Title <br /> 8310 South Valley Highway—Suite 300 Voice (303)993—2199 <br /> Englewood,Colorado 80112 Fax (720)633—9763 <br />