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. . Assessment Enterprise shall have no power to levy any tax, nor to enter into any general obligation of Southeastern District revenues and funds, 5. The Assessment Enterprise may exercise the Southeastern District's legal authority relating to Assessment Enterprise water activities in accordance with Article 45.1 of Title 37, C,R.S, and other applicable law. 6. The Assessment Enterprise shall be a business wholly and solely owned by the Southeastern District, and is authorized to issue its own revenue bonds and to incur other obligations to be paid or repaid solely by Assessment Enterprise revenues. 7. The Assessment Enterprise shall not receive ten percent (10%) or more of its annual revenue in "grants" (as defined in C,R,S, 937-45.1-102(2)) from Colorado state and local governments combined. The Assessment Enterprise shall enter into agreements with the Southeastern District, the CWCB and all Local Participants making payment to the Assessment Enterprise (collectively the "Assessment Participants") to provide services to them through the Needs Assessment, and the Assessment Enterprise Board shall direct the Needs Assessment so as to provide services to all Assessment Participants, to assure the Assessment Participants' payments to the Assessment Enterprise do not constitute "grants" as so defmed. 8. The Assessment Enterprise shall derive its revenues from any sources authorized by law, including (without limitation) payments for the Needs Assessment by the Assessment Participants. Such revenues shall be collected and deposited to the Water and Storage Needs Assessment Enterprise Fund ("Assessment Enterprise Fund"), which is hereby established, to be expended for activities and obligations of the Assessment Enterprise. Such activities and obligations should be funded by the Assessment Participants' payments for the Needs Assessment, and other allowable sources which are not "grants" (as defmed in C,R.S. 937-45,1-102(2)), so that the Assessment Enterprise shall comply with the restriction that less than ten percent (10%) of annual Assessment Enterprise revenues shall come from state and local govetlU?ent grants, 9, All revenues, expenditures, assets and liabilities of the Assessment Enterprise shall be accounted for in the Assessment Enterprise Fund, which shall be kept and maintained separately from general funds and reserve accounts of the Southeastern District. 10, The District's staff, attorneys, agents, and accountants are directed to implement and maintain accounting and budgeting procedures for the Assessment Enterprise, in accordance with generally accepted accounting and budgeting principles, which are necessary and proper to maintain and operate the Assessment Enterprise in a manner consistent with this Resolution. -2 -