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OaV Erz, JJoll �r )��J Va'ZQO, gne. <br /> CERTIFIED PUBLIC ACCOUNTANTS <br /> JAMES E. GARREN, CPA SUITE 200 <br /> MEL J. ROSS, CPA 3673 PARKER BOULEVARD <br /> SAM J. DeNARDO, CPA PUEBLO, COLORADO 81008 <br /> 719/544-9872 <br /> Pueblo Conservancy District FAX 719/253-5417 <br /> Contract with Colorado Water Conservancy Board <br /> www.grdcpa.com <br /> August 15, 2018 <br /> PARITY LIEN BOND CERTIFICATE <br /> The undersigned,by and on behalf of Garren,Ross&DeNardo,Inc.,Certified Public Accountants, <br /> Pueblo,Colorado,in connection with the execution and delivery by the Pueblo Conservancy District, <br /> Pueblo, Colorado (the "District"), of the loan contract dated as of August 15, 2018 (the "2018 <br /> CWCB Loan Contract") between the District and the Colorado Water Conservation Board (the <br /> "CWCB")and the execution and delivery by the District to the CWCB pursuant to the 2018 CWCB <br /> Loan Contract and the Promissory Note dated as of August 15,2018 (the"2018 CWCB note")and, <br /> collectively with the 2018 CWCB Loan Contract, the ("2018 CWCB Financing Documents"), <br /> hereby certifies as follows(capitalized words and phrases used herein shall have the same meaning <br /> as set forth in the 2018 CWCB Financing Documents), the resolution adopted by the Board of <br /> Directors of the District as of August 15, 2018, acting as the governing body of the District <br /> authorizing the execution and delivery of the 2018 CWCB Financing Documents(the"2018 CWCB <br /> Approving Resolution"): <br /> 1) We are independent certified public accountants within the meaning of§ 12-2-115. C.R.S., <br /> as amended, licensed to practice in the State of Colorado. <br /> 2) The District has provided us with unaudited financial information which permits us to <br /> calculate Net Revenue for the twelve month period ended July 31,2018. The District has <br /> also provided us with copies of the following documents: <br /> a) Series 2017A Conservancy Maintenance Fund Bonds ("2017 Maintenance Fund <br /> Bonds") <br /> b) Series 2018A Refunding and Improvement Conservancy Maintenance Fund Bonds <br /> ("2018 Refunding and Improvement Fund Bonds") <br /> c) The 2018 CWCB Financing Documents <br /> 3) The District has represented to us that,upon the execution and delivery of the 2018 CWCB <br /> Financing Documents as of August 15,2018,the outstanding Parity Obligations,consisting <br /> of the 2017 Maintenance Fund Bonds, the 2018 Refunding and Improvement Fund Bonds, <br /> and the 2018 CWCB Note,represent the only outstanding indebtedness having a lien on the <br /> Net Revenue. <br /> MEMBER COLORADO SOCIETY OF CPA'S MEMBER AMERICAN INSTITUTE OF CPA'S <br /> MEMBER PRIVATE COMPANIES PRACTICE SECTION <br />