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,:~ .'';-''', 2. Statement of Oualification. The District and only the District owns the Enterprise; the Enterprise receives less that ten percent of its annual revenues in grants from all Colorado State and local governments combined and the Enterprise is authorized to issue it& own revenue bonds pursuant to 37-45.1-104, C.R.S. The Enterprise is exempt. from the provisions of Article X, Section 20 of the Colorado Constitution. 3. Governinq Bodv. The governing body of the Enterprise is the Board of Directors of Castle Pines North Metropolitan District as constituted from time to time and as authorized and required by the Act, 37-45.1-103(3), C.R.S. 4. Powers of the Enterorise. The Enterprise has all the authority, powers, rights, obligations, and duties as may be provided or permitted by the Act, the Colorado Constitution, and this resolution and any further resolutions defining the scope of its authority. The Enterprise is authorized to receive and hold in trust certain assets of the District, including all water and wastewater facilities of [the District, whether situated within or without the District boundaries, including all present or future improvements, extensions, enlargements, betterments, replacements or additions thereto. Such transfers in trust shall not be deemed grants. The Enterprise is authorized to exercise the District's authority, powers, rights, and duties related to the operation and maintenance of suCh wate~ and wastewater facilities and to the provision of water and ~astewater services to the District. The Enterprise has no authority to levy a tax which is subject to Article X, Section 20 (4) of the Colorado Constitution, although the District may levy a tax on its behalf. 5. Revenues. The Enterprise is authorized to prescribe, revise and collect, in advance or otherwise, fees, rates, tolls, penalties or charges, or any combination thereof, for services, programs or facilities provided to any consumer or any owner or occupant of any real property connected or to be connected to the water and wastewater facilities, or receiving service therefrom, without regulation by any other entity except the Board of Directors. It is also authorized to receive grants, as that term is defined in 37-45.1-102 (2), C.R>S., in an amount less than ten percent of the Enterprise's annual revenues. 6. Ratification and Approval heretofore taken by the Board of inconsistent with the provisions ratified, approved and confirmed. of Prior Actions. All actions Directors of the District not of the Resolution are hereby 7. Repealer. All District, inconsistent or hereby repealed only to conflict. resolutions, in conflict the extent bylaws or orders of the with this resolution, are of such inconsistency or 2