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Pueblo Conservancy District <br /> Contract with Colorado Water Conservancy Board <br /> Page 2 <br /> 4) Based on representations made to us by the District, as of the date of this Certificate, the <br /> District has no requirement to accumulate any amount in Bond or Reserve Accounts for the <br /> 2017 Maintenance Fund Bonds or the 2018 Refunding and Improvement Fund Bonds. <br /> 5) The District has represented to us that, upon the issuance of the 2018 CWCB Note, the <br /> combined maximum debt service amount for the Parity Lien Debt shall be $1,433,872. <br /> Based upon the schedules and information presented to us by the District, the District's <br /> unaudited gross revenue for the twelve month period ending July 31,2018 is sufficient to pay <br /> its annual operating and maintenance expenditures plus an amount representing not less than <br /> 100% of the combined maximum annual debt service amount for the Parity Obligations. <br /> Sincerely, <br /> A-cefvt.w. Gi o, !M c <br /> Garren, Ross & DeNardo, Inc. <br /> Certified Public Accountants <br />