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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />Years Floor Mill Levy Mill Levy Caps <br />1993 80 80 <br />1994-2002 40 41.2 <br />2003-2007 45 51. 5 <br />200&-2012 50 66.95 <br />2013-2022 60 97.85 <br />2023-2033 65 97.85 <br /> <br />The exchange bonds would also be secured by, and payable from, <br />certain other District revenues, most notably revenues from tap <br />purchase agreements to be entered into between the District and the <br />owners of most of the remaining developable property in the <br />District. So long as the District certified at least the minimum <br />mill levies specified above, the District would never be required <br />to levy more than the maximum mill levies indicated on the above <br />schedule. Be advised that the mill levies shown on the schedule <br />represent the debt service portion and do not include the <br />operations and maintenance portion which was 19 mills for 1993. <br /> <br />A copy of the Disclosure statement was mailed to each of the <br />District's bondholders with a ballot on which they could indicate <br />their acceptance or rejection of the Plan. Ninety-eight percent <br />(98%) of the bondholders casting ballots voted in favor of the <br />Plan. <br /> <br />The District then submitted to its electors the question of <br />whether the exchange bonds should be issued and whether the <br />District would be authorized to levy the taxes required by the <br />Plan. Approximately ninety-eight percent (98%) of the persons <br />voting at the election voted in favor of the issuance of the <br />exchange bonds and the specified mill levies. <br /> <br />On June 2, 1994 the Bankruptcy Court entered its Findings of <br />Fact, Conclusions of Law and Order of Confirmation (a copy of which <br />is attached), confirming the District's Chapter 9 Plan effective <br />June 16, 1994. On June 16, the exchange bonds issued. The only <br />remaining step in the bankruptcy proceeding is the entry of an <br />order closing the case, an event which the District anticipates <br />will occur shortly. <br /> <br />Development in the District has already commenced. The Writer <br />Corporation has new homes under construction and has renewed its <br />sales efforts in Castle pines North. Other developers have begun <br />the process necessary to receive the required Douglas County <br />approvals for construction. The District's Board of Directors and <br />the residents are very optimistic about the future for Castle pines <br />North. <br /> <br />2 <br /> <br />7/26/94-pss <br />A:\STATUS.HEH <br />