PROJ00162

• Contract/PO #: C153711
• Contractor Name: Castle Pines North Metro District
• Contract Type: Loan
• Water District: 8
• County: Douglas
• Bill Number: HB 95-1155
• Loan Projects - Doc Type: Feasibility Study

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Condition cannot be met until the Effective Date of the Plan.
Accordingly, the second Condition is found to have been satisfied
for purposes of confirmation, but shall now become a condition to
the Effective Date of the Plan.

c. The third Condition requires that certain Ballot
Issues, as defined i~the Plan, must be approved at an Election, as
defined in the Plan, held on May 3, 1994 wherein eligible voters in
the Debtor shall vote to approve or disapprove the Ballot Issues.
The Ballot Issues seek voter approval of the issuance of the 1994
Bonds ("1994 Bonds") pursuant to the Plan and the rate and amount
of taxation and expenditures necessary to pay the 1994 Bonds
pursuant to the Plan. with respect to the Election, the Court
finds that:

i. The Debtor's Board of Directors duly called the
Election.

ii. The conduct of the Election was in all respe6ts
regular and proper.

iii. Notice of the Election was given in compliance with
applicable Colorado election laws and Article X,
Section 20 of the Colorado Constitution.

iv. The residents and property owners of the Debtor who
were qualified to vote at the Election had actual
knowledge, in addition to the notice provided by
Debtor's compliance with election laws and
Constitutional provisions, of the fact of the
calling and holding of the Election.

v. A t -the May 3, 1994 Election, a maj ori ty of the
registered qualified electors of the Debtor voting
thereon approved the issuance of the 1994 Bonds and
the imposition of taxes and revenue changes
necessary to pay the 1994 bonds.

vi. The third Condition has been satisfied.

12. On May 31, 1994, the Debtor and 216 Valley Group, L.P.
filed a Stipulation ("stipulation") with the Court which resolves
the objection to confirmation of the Plan filed by 216 Valley
Group, L.P. In addition, 216 Valley Group, L.P. has withdrawn its
ballot rejecting the Plan.

Conclusions Of Law

13. Notice of the hearing on confirmation of the Plan, notice
of the last date to object to confirmation of the Plan and notice

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