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( Castle Pines North Metro District November 21, 1995 Page 5 be paid regardless of the number of homes built and "TAP-B" to be paid at the time each new home is sold. The fmancial projection for the bankruptcy plan, as prepared by the District's financial advisors, assumes that build-out of the District will occur over a period of about 16 years with the construction of 2,000 homes in addition to the existing residences. The projection assumes 45 homes will be built in year one, 95 homes in year two, 135 homes per year for the following 13 years and 105 homes in year 16. The bankruptcy plan identifies several areas of risk for the holders of the 1994 bonds, At least two of these may also be of concern to other creditors: risk that development in the District may not occur as projected and risk associated with any potential limitations on future mill levy increases due to Amendment 1. In addition, it should be noted that the bankruptcy plan states that: "Service charges are not included in Pledged Revenues." FINANCIAL CONDITION Selected demographic and economic information from the Division of Local Government (DLG), from the District, and from the District's 1994 fmancial statement are shown in Table 2. TABLE 2. CASTLE PINES NORTH SELECTED CHARACTEORISTICS PODulation, Julv 1993 (1) 1,546 Number ofTaps (1) 479 Total Assessed Valuation, 1994 (1) $15,085,670 Mill Levv, 1995 (2)* 59.2 Overlapping Mill Levy (1) 190.187 Long-Term Debt, Bonds Payable (3) $45,480,500 Median Household Income Unknown (1) Division of Local Government (2) Castle Pines North Metro District (3) December 31, 1994 Financial Statement . 41.2 mills for debt service + 18.0 mills for O&M The District indicates that it's 1995 mill levy is 41.2 mills for debt service and 18.0 mills for operation and maintenance of facilities for a total District levy of 59.2 mills, With regard to overlapping mill levies, the bankruptcy plan notes that: "The District's overlapping mill levy