HomeMy WebLinkAbout20052641.tiff MCGEADY SISNEROS, P. C.
ATTORNEYS AT LAW
1675 BROADWAY, SUITE 2100
DENVER,COLORADO 80202
TELEPHONE:(3031 592-4380
FACSI M I L E:13031 592-438 5
WWW.MCG EADYS IS N EROS.COM
MARYANN M.McGEADY SPECIAL COUNSEL
DARLENE SISNEROS KENNETH M.KOPROWICZ
MARY JO DOUGHERTY
ANNE K.LAPORTA
MEGAN BECHER
VALERIE 0.BROMLEY
RUSSELL W.DYKSTRA
KATHRYN S.KANDA
JACQUELINE C.MURPHY
GEORGE M.ROWLEY August 22 2005
Weld County Clerk and Recorder
1402 17th Avenue
P.O. Box 459
Greeley, CO 80632
Re: Proposed Liberty Ranch Metropolitan District
Dear Clerk:
Enclosed for your information and records is a copy of the final Service Plan and
Resolution of Approval for the captioned District. These documents are information only and do
not need to be recorded.
If you have any questions, or if you require additional information, please feel free to
call.
Very truly yours,
MCGEADYSI�SISNEI3DS,P.C.
Julie Ellis
Paralegal
/jle
Enclosures
cc: Division of Local Government (w/enclosures)
State Auditors Office (w/enclosures)
in/17 u, c/1ydO>t/
(00050334.DOC v:1) DI ,j
1-07 _OS- � c' C C-"-) 2005-2641
TOWN OF MEAD, COLORADO
RESOLUTION NO. 6-R-2005
A RESOLUTION OF THE TOWN OF MEAD, COLORADO, APPROVING THE
SERVICE PLAN FOR THE LIBERTY RANCH METROPOLITAN DISTRICT.
WHEREAS, Centex Homes, 9250 E. Costilla Ave, #200, Greenwood Village, CO 80112,
through their attorneys McGeady Sisneros, PC, 1675 Broadway, Suite 2100, Denver, CO 80202, has
petitioned the Board of Trustees of the Town of Mead for the creation of a Metropolitan District to be
known as the Liberty Ranch Metropolitan District to be located in the NE 1/4 of Section 28, Township 3
North, Range 68 West of the 6'h P.M., in the Town of Mead, Weld County, Colorado; and
WHEREAS, the Service Plan for the Liberty Ranch Metropolitan District was resubmitted April
1, 2005; and
WHEREAS, the proposed Liberty Ranch Metropolitan District is to be formed under Title 32,
Colorado Revised Statutes, as a Metropolitan District to provide for the design, acquisition, financing,
construction and maintenance of both on-site and off-site improvements within the Liberty Ranch
Subdivision;
•
WHEREAS, such improvements may include, but not be limited to, streets and traffic safety
controls, water transmission and distribution, sewage collection and transmission, storm drainage
facilities, and mosquito control; and
WHEREAS,the District will be funded by a property tax mill levy of not more than 50 mills for
debt service, and an undetermined but unlimited mill levy for operations and maintenance; and
WHEREAS,C.R.S. 32-1-204.5 provides that no special district shall be organized if its
boundaries are wholly contained within the boundaries of the municipality except upon adoption of
resolution of approval by the governing body;
NOW THEREFORE,BE IT RESOLVED by the Board of Trustees of the Town of Mead,
Weld County, Colorado, that:
Section 1. Findings of Fact. The Board of Trustees of the Town of Mead, having reviewed
the petition and Service Plan for the Liberty Ranch Metropolitan District presented by Centex Homes,
9250 E. Costilla Ave, #200, Greenwood Village, CO 80112, hereby makes the following findings:
a. The Service Plan dated April 1, 2005, is in substantial compliance with the requirements
contained in C.R.S. 32-1-202, as required by C.R.S. 32-1-204.5, except as noted herein.
b. The Service Plan dated April 1, 2005, provides an adequate description of the proposed
services to be provided by the Liberty Ranch Metropolitan District.
c. The Service Plan dated April 1, 2005, provides a financial plan showing the proposed
services to be financed, including the proposed operating revenue derived from property
taxes for the first budget year of the district. All proposed indebtedness is displayed
ResolutionolApproval-LlbertyRancnMetropolitanoislrictwpd 4/8/05 4:34 pm) Page 1 of 3
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together with a schedule indicating the year or years in which the debt is scheduled to be
issued.
d. The Service Plan dated April 1, 2005,provides preliminary engineering information
showing how the proposed services are to be provided.
e. The Service Plan dated April 1, 2005, provides a map of the proposed special district
boundaries and an estimate of the population and valuation for assessment of the
proposed special district.
f. The Service Plan dated April 1, 2005,provides a general description of the facilities to
be constructed and the standards, including a statement of how the facility and service
standards of the proposed special district are compatible with the facility and service
standards of the Town and of the special districts to which the facilities will be
connected.
g. The Service Plan dated April 1, 2005, provides a general description of the estimated
cost of acquiring land, engineering services, legal services, administrative services,
initial proposed indebtedness and estimated proposed maximum interest rates and
discounts, and other major expenses related to the organization and initial operation of
the district.
h. The Service Plan dated April 1, 2005, provides a description of the arrangements with
the special districts providing potable water and sanitary sewer service in the territory of
the Metropolitan District. However, proposed agreements with these special districts
have not been provided in the service plan.
i. The Service Plan dated April 1, 2005,provides sufficient information to satisfactorily
establish that each of the criteria set forth in C.R.S. 32-1-203(2) is met by the proposed
Metropolitan District.
Section 2. Conclusions and Order Approving the Service Plan for the Liberty Ranch
Metropolitan District.
a. The Service Plan dated April 1, 2005,provides sufficient evidence that adequate service
is not, and will not be, available to the area through existing Town of Mead facilities or
quasi-municipal corporations, including existing special districts, within a reasonable
time and on a comparable basis.
b. The facilities and service standards of the proposed special district are compatible with
the facility and service standards of the Town of Mead and the existing special districts
that will provide service to the Metropolitan District.
c. The proposal is in substantial compliance with the Town of Mead Comprehensive Plan.
d. The proposal is in compliance with the 208 Water Quality Plan for the area.
ResolulionolApproval-LiberlyRanchMelropolltaneisl icf.wpd 4/8/05 4:34 pm) Page 2 of 3
•
e. The creation of the proposed special district will be in the best interest of the area
proposed be served.
f. The Mayor and Town Clerk are hereby authorized and directed to endorse this resolution
and to cause said resolution to be filed in the District Court for Weld County as provided
by C.R.S. 32-1-205, as evidence of the approval of the service plan for the Liberty Ranch
Metropolitan District, to be located in the NE 1/4 of Section 28, Township 3 North,
Range 68 West of the 6th P.M., in the Town of Mead, Weld County, Colorado.
Section 3. Effective Date. This resolution shall become effective immediately upon
adoption.
Section 4. Repealer. All resolutions, or parts thereof, in conflict with this resolution are
hereby repealed,provided that such repealer shall not repeal the repealer clauses of such resolution nor
revive any resolution thereby.
Section 5. Certification. The Town Clerk shall certify to the passage of this resolution and
make not less than one copy of the adopted resolution available for inspection by the public during
regular business hours.
INTRODUCED, READ, PASSED, AND ADOPTED THIS 11'" DAY OF April , 2005.
ATTEST: (� TOWN OF ME ,
B U - u
Y tiitTL By
Can ace Bridgwater, Town erk R chard E. Kraemer, Mayor
ResolutianolApproval-LibertyRanchMetropolltanDistrlpwpd 4/8/05 4:34 pm) Page 3 of 3
SERVICE PLAN
FOR
LIBERTY RANCH METROPOLITAN DISTRICT
(TOWN OF MEAD, COLORADO)
APPROVED: April 11, 2005
Prepared by: McGEADY SISNEROS, P.C.
1675 BROADWAY, SUITE 2100
DENVER, COLORADO 80202
(303) 592-4380
KIRKPATRICK PETTIS, A DIVISION OF
D.A. DAVIDSON & CO.
1700 LINCOLN STREET #2200
DENVER, COLORADO 80203
(303) 764-6000
{00027987.DOC v:8)
TABLE OF CONTENTS
I. INTRODUCTION 1
A. General Information 1
— • B. Need for the District 1
C. Proposed Land Use/Population Projections 2
II. DESCRIPTION OF PROPOSED IMPROVEMENTS AND SERVICES 2
A. Street and Safety Protection Improvements 2
B. Water Improvements 3
C. Sanitation Improvements 4
D. Mosquito Control 6
E. Other Powers 6
F. Statement of Compatibility 7
III. PURPOSE 8
IV. BOUNDARIES 8
V. DESCRIPTION OF PROPOSED FACILITIES AND ESTIMATED COSTS 8
A. Type of Improvements and Preliminary Engineering Estimates 8
B. Regional Improvements 9
C. District Operating Costs 9
VI. FINANCIAL PLAN 10
A. General Discussion 10
B. Proposed Indebtedness 10
C. Mill Levy Cap 11
D. Cost Summary and Bond Development 13
VII. ANNUAL REPORT 14
VIII. DISSOLUTION 14
IX. CONSOLIDATION 15
X. RESOLUTION OF APPROVAL 15
XI. NOTICE OF ORGANIZATION 15
XII. CONSERVATION TRUST FUND 15
XIII. LANDOWNERS PUBLIC IMPROVEMENTS 15
XIV. MODIFICATION OF SERVICE PLAN 16
XV. STATUTORY REQUIREMENTS 16
{00027987.DOC v:S) i
LIST OF EXHIBITS
EXHIBIT A Legal Description
EXHIBIT B District Map
EXHIBIT C Vicinity Map
EXHIBIT D Street and Safety Systems
EXHIBIT E Water Distribution System
EXHIBIT F Sanitation/Drainage System
EXHIBIT G Public Improvements Cost Estimate
EXHIBIT H Financial Plan
EXHIBIT I Draft Intergovernmental Agreement with St. Vrain Sanitation District
EXHIBIT J Draft Intergovernmental Agreement with Longs Peak Water District
{00027987.DOC v8} 11
LIBERTY RANCH METROPOLITAN DISTRICT
SERVICE PLAN
I. INTRODUCTION
A. General Information
Pursuant to the requirements of the Special District Control Act, Section 32-1-
101, C.R.S., this Service Plan consists of a financial and jurisdictional analysis demonstrating
how the proposed facilities and services of the proposed Liberty Ranch Metropolitan District
("District") will be constructed and financed.
The District shall have all the powers of a metropolitan district and shall provide
water, sanitation, street and safety protection and mosquito control improvements. The District
shall not provide parks and recreation, transportation, television relay and translation, and fire
protection improvements or services nor does it have the authority to provide law enforcement
services. Further, after installation of the water and sanitary sewer improvements to serve the
proposed development, the District intends to dedicate such improvements to the Longs Peak
Water District ("Longs Peak") and the St. Vrain Sanitation District("St. Vrain"), respectively.
B. Need for the District
The District is entirely within the boundaries of the Town of Mead, Colorado (the
"Town"), Longs Peak and St. Vrain. The property is now vacant and is not presently served with
the facilities and services to be provided by the District. Weld County(the"County"), the Town
and other special districts do not consider it feasible or practical to provide the property with
water, sanitation, street and safety protection and mosquito control facilities and services
described in this Service Plan. Therefore, it is necessary that the District be organized to provide
the inhabitants of the District with those facilities and services, which the County, the Town and
other special districts have determined they cannot feasibly or practically provide.
(00027987.DOC v:8}
C. Proposed Land Use/Population Projections
The property to be included within the boundaries of the District comprises
approximately one hundred sixty(160) acres and is known as the Liberty Ranch Development
(the"Development"). The Development is located south of State Highway 66, west of County
Road 7 and east of County Road 5.5. The proposed Financial Plan for the Development assumes
residential development comprising approximately 348 single family units and 352,836 square
feet of commercial development. Based upon an estimated 2.5 persons per dwelling unit, this
would result in an estimated residential population of 870 persons. In order to facilitate the
development as planned, organized provision of facilities and services proposed to be provided
by the District will be necessary.
IL DESCRIPTION OF PROPOSED IMPROVEMENTS AND SERVICES
Upon formation, the District proposes to provide the following improvements:
A. Street and Safety Protection Improvements
The District intends to provide for the design, acquisition, financing, construction,
relocation, completion, installation and/or operation and maintenance of street improvements,
both on-site and off-site, including curbs, gutters, culverts and other drainage facilities,
sidewalks, bridges, overpasses, bike paths and pedestrian ways, interchanges, median islands,
paving, lighting, grading, irrigation, landscape, streetscape and entryways, parking lots and
structures, and a system of traffic and safety controls and devices on streets and highways and at
railroad crossings, including signalization, together with all necessary, incidental, and
appurtenant facilities, right-of-ways, land and easements, together with extensions of and
improvements to said facilities within and without the boundaries of the District. The District
will warrant the street infrastructure for a period of two (2) years after initial acceptance by the
{000rroszDOC v:8} 2
Town. After final acceptance, the street improvements will be dedicated to the Town for
ongoing operation and maintenance. The District does not have the authority to provide law
enforcement services.
B. Water Improvements
The District shall have the power to provide for the design, acquisition, financing,
construction, completion and installation of a potable and non-potable local water, transmission
and distribution system, which may include, but shall not be limited to, transmission lines,
distribution mains and laterals, irrigation facilities, storage facilities, land and easements, and all
necessary incidental appurtenant facilities, together with extensions of and improvements to said
system within and without the boundaries of the District as described in the District's service
plan. The District shall not have the authority to construct or finance any water improvements
not generally described in the Service Plan without the prior written consent of Longs Peak
Water District ("Longs Peak") Following acceptance, Longs Peak will own, operate and
maintain the potable water improvements constructed by the District. The property within the
District will receive its potable water services from Longs Peak. The non-potable water system
may be owned by the District or another appropriate entity.
It is the District's understanding that Longs Peak does not intend to provide for
the construction and financing of the specific water facilities to be provided by the District as
generally described in the Service Plan. Therefore, the improvements or facilities to be financed,
acquired, constructed, completed or installed by the District for water service do not duplicate or
interfere with any other improvements or facilities already constructed or planned to be
constructed by Longs Peak.
With respect to the aforementioned water improvements and the provision of
water services within the boundaries of the District,the District shall provide for the following:
{00027987.DOC v:8} 3
1. All potable water lines and related facilities constructed by the District
shall be designed and constructed in accordance with Longs Peak's rules and regulations and
shall be dedicated to Longs Peak for operation and maintenance;
2. The District shall not surcharge Longs Peak's water tap fee, water service
charge or any of its other water rates, fees, tolls or charges;
3. The District acknowledges the applicability of Longs Peak's rules and
regulations within the District's boundaries, including, but not limited to, the applicability of the
rules and regulations, as they may be amended from time to time, to the potable water projects of
the District and the requirement that all such improvements be constructed within easements or
rights-of-way dedicated to Longs Peak; and
4. The District shall not interfere with Longs Peak's implementation of its
rules and regulations or policies pertaining to the provision of potable water service, including
those that authorize Longs Peak to terminate or shut off service.
The District shall execute an intergovernmental agreement with Longs Peak at the
initial meeting of its board of directors after the entry of its decree of formation.
C. Sanitation Improvements
The District shall have the power to provide for the design, acquisition, financing,
construction, completion and installation,but not the ownership, operation or maintenance of a
local sanitary sewage collection and transmission system which may include,but shall not be
limited to, collection mains and laterals, lift stations, transmission lines, and/or storm sewer,
flood and surface drainage facilities and systems, including detention/retention ponds and
_ associated irrigation facilities, and all necessary, incidental, and appurtenant facilities, land and
easements, together with extensions of and improvements to said system within and without the
boundaries of the District as described in this service plan. The District shall not have the
{00027987.DOC v.8} 4
authority to construct or finance any sanitary sewer improvements not generally described in the
Service Plan without the prior written consent of St. Vrain Water and Sanitation District
— ("St. Vrain") Following acceptance, St. Vrain will own, operate and maintain the sanitation
improvements constructed by the District. The property within the District will receive its
sanitation services from St. Vrain. Storm drainage facilities will be constructed in accordance
with the Town's "Storm Drainage Criteria and Construction Standards, 1998." After final
acceptance by the Town, it will own, operate and maintain the storm sewer system and storm
water detention/retention facilities.
It is the District's understanding that St. Vrain does not intend to provide for the
construction and financing of the specific sanitation facilities to be provided by the District as
generally described in the Service Plan. Therefore, the improvements or facilities to be financed,
acquired, constructed, completed or installed by the District for sanitation service do not
duplicate or interfere with any other improvements or facilities already constructed or planned to
be constructed by St. Vrain.
With respect to the aforementioned sanitation improvements and the provision of
sanitation services within the boundaries of the District, the District shall provide for the
following:
I. All sanitary sewer lines and related facilities constructed by the District
shall be designed and constructed in accordance with St. Vrain's rules and regulations and shall
be dedicated to St. Vrain for operation and maintenance;
2. The District shall not surcharge any sanitary sewer tap fee, sanitary sewer
service charge, storm drainage fee or any other sanitary sewer rate, fee, toll or charge;
{00027987 DOC v:8} 5
3. The District acknowledges the applicability of St. Vrain's rules and
regulations within the District's boundaries, including,but not limited to, the applicability of the
rules and regulations, as they may be amended from time to time, to the sanitary sewer projects
of the District and the requirement that all such improvements be constructed within easements
or rights-of-way dedicated to St. Vrain; and
4. The District shall not interfere with St. Vrain's implementation of its rules
and regulations or policies pertaining to the provision of sanitary sewer service, including those
that authorize St. Vrain to terminate or shut off service.
The District shall execute an intergovernmental agreement with St. Vrain at the
initial meeting of its board of directors after the entry of its decree of formation.
D. Mosquito Control
The District shall have the power to provide for the eradication and control of
mosquitoes, including but not limited to elimination or treatment of breeding grounds, and
purchase, lease, contracting or other use of equipment or supplies for mosquito control. The
District anticipates contracting with private entities for the control of mosquitoes and will
include such costs in its operation and maintenance budget when facilities which necessitate
mosquito control activities have been constructed (i.e., storm drainage facilities, water features,
pools).
E. Other Powers
In addition to the enumerated powers, the Board of Directors of the District shall
also have the following authority:
{00027987.DOC v:8} 6
1. Plan Amendments. To amend the Service Plan as needed, with the
approval of the Town, and of Longs Peak if required by the proposed amendment, subject to the
appropriate statutory procedures.
2. Phasing, Deferral. Without amending this Service Plan to defer, forego,
reschedule, or restructure the financing and construction of certain improvements and facilities to
the extent consistent with then existing land uses for the Development approved by the Town, to
better accommodate the pace of growth, resource availability, and potential inclusions of
property within the Development.
3. Additional Services. Except as specifically provided herein, or by any
governmental agreement, to provide such additional services and exercise such powers as are
expressly or impliedly granted by Colorado law.
The District shall have the authority pursuant to Section 32-1-1101(1)(t)(I),
C.R.S. and Section 32-1-1101(1.5)(a)through (1.5)(e), C.R.S., to divide the District into one or
more areas consistent with the services,programs and facilities to be furnished therein. The
exercise of such authority shall not be deemed a material modification of this Service Plan.
F. Statement of Compatibility
The District will ensure that the proposed improvements are designed and
constructed in accordance with the standards and specifications of the Town, Longs Peak,
St. Vrain and other governmental entities having jurisdiction. The District will obtain approval
of civil engineering plans and a permit for construction and installation of improvements from
the Town.
{00027987.DOC v:8} 7
III. PURPOSE
It is anticipated that the District will provide certain essential public-purpose facilities for
the use and benefit of all its anticipated residents and taxpayers. The District is planning to
finance the construction of improvements which will be within the incorporated areas of the
Town and in the unincorporated areas of Weld County.
As presently planned, the development within the District is proposed to proceed in
several phases, each of which will require certain extensions and improvements of available
public facilities. Use of the District will enable the community to maintain development through
the duration of the construction phase and will provide for a well-planned, well-financed and
well-coordinated extension of public improvements. In this manner, long-term or phased
facilities required by the Town can be provided.
IV. BOUNDARIES •
The initial boundaries of the District are described on Exhibit A and consist of
approximately one hundred sixty(MO) acres. It is located south of State Highway 66, west of
County Road 7, east of County Road 5.5 and north of undeveloped property. A map depicting
the boundaries of the District is attached as Exhibit B, and a vicinity map is attached as
Exhibit C.
It is anticipated that the District's boundaries may change from time to time as it
undergoes inclusions and exclusions pursuant to Parts 4 and 5 of Article 1, Title 32, C.R.S.
V. DESCRIPTION OF PROPOSED FACILITIES AND ESTIMATED COSTS
A. Type of Improvements and Preliminary Engineering Estimates
A general description and preliminary engineering sketch of the facilities to be
constructed and/or acquired by the District are shown on Exhibits D through F attached hereto.
(00027997.DOC v:8) 8
The estimated cost for these improvements is approximately Twenty-Three Million Two
Hundred One Thousand One Hundred Thirteen Dollars ($23,201,113) as is set forth in
Exhibit G. To the extent the District cannot finance the improvements, the developer shall
cause the improvements to be financed and constructed.
B. Regional Improvements
The District may participate in the funding of public regional infrastructure
improvements to be preceded in each case by the approval of an intergovernmental agreement
between the District and other such participants who may be involved.
C. District Operating Costs
The District will require operating funds for administration of the District, in
addition to the capital costs of the improvements. Initial District organizational expenses for
legal, engineering, administrative and debt issuance costs and amounts expended on design and
construction of the improvements will be eligible for reimbursement from the bond proceeds.
The first year's operating budget is estimated to be $50,000.
The Mill Levy Cap, defined herein, for repayment of the bonds does not apply to
the District's ability to increase its mill levy as necessary for provision of operation and
maintenance services. However,there are statutory and constitutional limits on the District's
ability to increase its mill levy for provision of operation and maintenance services without an
election. The proponents of the District intend to seek the District's electoral approval to waive
the revenue and spending limits of Article X, Section 20 of the Colorado Constitution, as well as
the 5.5% limitation set forth in Section 29-1-301, C.R.S.
{00027987.DOC v:8} 9
VI. FINANCIAL PLAN
A. General Discussion
The Financial Plan attached hereto as Exhibit H illustrates how the proposed
facilities and/or services may be financed, including the estimated costs of engineering services,
legal services, administrative services, proposed indebtedness and estimated interest rates and
discounts, and other major expenses related to the organization and operation of the District.
The Financial Plan illustrates the issuance of the debt and the anticipated repayment based on the
projected development in the District. The Financial Plan demonstrates that the District has the
ability to finance the facilities identified herein, and will be capable of discharging the proposed
indebtedness on a reasonable basis. The Financial Plan sets forth a reasonable estimate of
growth within the District and allows the Board of Directors("Board") a measure of flexibility
such that the District need not incur debt in excess of what it needs to meet the actual
population's demands for facilities and services.
B. Proposed Indebtedness
The provision of facilities by the District will be primarily financed by the
issuance of general obligation bonds, secured by the ad valorem taxing authority of the District
with limitations as discussed below. In addition, it is anticipated that a development fee of
$2,000 per single-family unit, and $.50 per square foot of commercial will be imposed
("Development Fee"). The District may increase or decrease the amount of the Development
Fee at the discretion of the Board. The Financial Plan shows the issuance of the debt and the
anticipated repayment based on the projected development within the District. It is anticipated
that construction costs for necessary improvements will be advanced by the developer prior to
the District's issuance of bonds or when bond proceeds are not otherwise available, subject to
{00027987.DOC v:8} 10
subsequent acquisition by the District of the completed improvements and reimbursement to the
developer(s) of such advanced construction costs. Any obligations issued or otherwise
— contracted for to reimburse the developer(s) for advanced construction costs shall be included
within the debt limits described below.
The proposed maximum voted interest rate on debt is eighteen percent(18.0%)
and the maximum term, rates and discounts will be determined at the time the bonds are sold by
the District and will reflect market conditions at the time of sale. Refunding bonds may be
issued as determined by the Board.
The proposed total maximum amount of bonds that may be issued by the District
shall be Eighteen Million Five Hundred Thousand Dollars ($18,500,000). Such limitations shall
not be applicable to refunding of the bonds authorized to be issued hereunder. The amount to be
voted exceeds the amount of bonds anticipated to be sold, as shown in the Financial Plan, to
allow for unforeseen contingencies and increases in construction costs due to inflation, and to
cover all issuance costs, including capitalized interest, reserve funds, discounts, legal fees, and
other incidental costs of issuance. For purposes of this Service Plan, bonds means notes,bonds,
certificates, debentures, loans or other evidence of indebtedness. The Town shall not be held
liable for any of the District's obligations as set forth in the Service Plan.
C. Mill Levy Cap
The Mill Levy Cap for debt service shall be 50 mills, adjusted and released as
described below. The District may assess a mill levy on all taxable property within the District
as a source of revenue for repayment of debt service as well as operations and maintenance.
Although the mill levy may vary depending upon the elected Board's decision to fund the
projects contemplated in this Service Plan, it is estimated that the District's mill levy as set forth
{00027987.DOC v:8} 11
in the Financial Plan, together with other revenues from other sources as identified in the
Financial Plan, will produce revenue sufficient to support the District's debt retirement
throughout the bond repayment period as well as pay for operations and maintenance expenses.
In addition, the District may capitalize interest to permit payment of interest during the time
lapse between development of taxable properties and the collection of tax levies therefrom.
Interest income through the reinvestment of construction funds, capitalized interest and annual
tax receipts will provide additional funds. These revenue sources should be sufficient to retire
the proposed indebtedness if growth occurs as projected; otherwise, increases in the mill levy
and/or the imposition of rates, fees and charges may be necessary.
For purposes of this Section, "Debt to Assessed Valuation" shall mean the ratio of
(i) the District's total outstanding general obligation debt, including the bonds proposed to be
issued, to (ii)the District's assessed valuation. For any portion of its bonds or other outstanding
general obligation debt to which property tax revenues are pledged as payment("Debt") with
respect to which the Debt to Assessed Valuation is fifty percent(50%) or greater, the District's
obligation to impose a mill levy for the payment thereof shall be subject to the Mill Levy Cap.
For any portion of its Debt with respect to which the Debt to Assessed Valuation is less than fifty
percent (50%), the District is permitted to impose a mill levy for the payment thereof that shall
not be subject to the Mill Levy Cap. Further, in the event the method of calculating assessed
valuation is changed after the date of approval of this Service Plan by any change in law, change
in method of calculation, or in the event of any legislation or constitutionally mandated tax
credit, cut or abatement, the Mill Levy Cap herein provided may be increased or decreased to
reflect such changes, such increases or decreases to be determined by the Board in good faith
(such determination to be binding and final) so that, to the extent possible, the actual tax
{00027987.DOC v:8} 12
revenues generated by the Mill Levy Cap, as adjusted, are neither diminished nor enhanced as
the result of such change. The assessment ratios as of January 2005 are 7.96% for residential
and 29% for commercial.
Once any portion of the District's debt has been determined to be not subject to
the Mill Levy Cap, the District is entitled to pledge to its payment an unlimited ad valorem mill
levy and the District may provide that such debt shall remain secured by such unlimited mill
levy, notwithstanding any subsequent reduction in the assessed valuation of the District.
To the extent that the District is composed of or subsequently organized into one
or more subdistricts as permitted under Section 32-1-1101, C.R.S., the term"District" as used in
this Section shall be deemed to refer to the District and to each such subdistrict separately, so
that each of the subdistricts shall be treated as a separate, independent district for purposes of the
application of this definition.
D. Cost Summary and Bond Development
The Financial Plan reflects the total amount of bonds to be sold to finance the
completion, construction, acquisition and/or installation of the proposed facilities, including all
costs and expenses related to the anticipated bond issuances. The amount of bonds sold will be
based upon the final engineering estimates and/or actual construction contracts. Organizational
costs, including, but not limited to, legal fees, and capitalized engineering costs, are anticipated
to be paid from bond proceeds. The interest rates as set forth in the Financial Plan are based
upon the advice of Kirkpatrick Pettis, financial advisor for the District.
The Financial Plan illustrates the estimated income and expenses for the District
presuming two bond issues, each maturing in thirty (30) years. The analysis reflects a total
build-out period of six (6) years, starting in 2006, and a mill levy of 45 mills. The current
{000279s7.DOC v:8} 13
assessed value of the property has been assumed to be -0- in the Financial Plan. It is also
assumed that the assessed valuation will be realized one year after construction and that tax
collections will be realized two years after initial construction. The Financial Plan contained in
this Service Plan demonstrates the economic viability of the District and sets forth a reasonable
estimate of growth within the development.
VII. ANNUAL REPORT
The District shall submit an annual report to the Town within 120 days after the
conclusion of the District's fiscal year on December 31 of each year, beginning in 2007, unless
waived by the Town. The report shall include the following information:
A. Boundary changes made;
B. Intergovernmental Agreements entered into;
— C. A summary of any litigation involving the District;
D. Status of construction of public improvements;
E. The current assessed valuation in the District; and
F. Budget for current year and the audit or audit exemption from the prior fiscal
year.
VIII. DISSOLUTION
The District shall file a petition in the District Court for dissolution when there are no
financial obligations or outstanding bonds, or any such financial obligations or outstanding
bonds are adequately secured by escrow funds or securities meeting the investment requirements
in Part 6 of Article 75 of Title 24, C.R.S. Dissolution of the District is subject to approval of a
plan of dissolution meeting the requirements of Part 7 of Article 1 of Title 32, C.R.S., by the
District Court. The District will work closely and cooperate with the Town to serve and promote
the health, safety,prosperity, security and general welfare of its inhabitants.
{00027987.DOC v:8} 14
IX. CONSOLIDATION
The District shall not file a request with the Weld County District Court to consolidate
with another District without prior written notice to the Town.
X. RESOLUTION OF APPROVAL
The Town's Resolution of approval of this Service Plan shall be incorporated into the
petition submitting the Service Plan to the appropriate District Court.
XI. NOTICE OF ORGANIZATION
The current organizers of the District will take steps to insure that the landowner or
developer of the property located within the District provide written notice at the time of closing
to purchasers of land regarding the existence of taxes, charges or assessments which may be
imposed in connection with the District. The District will also record the Order of the District
Court creating the District in the real property records of the Clerk and Recorder of Weld
County, Colorado, so that all future property owners within the District will have notice
regarding the existence of the District.
XII. CONSERVATION TRUST FUND
The District shall claim no entitlement to funds from the Conservation Trust Fund which
is derived from lottery proceeds without prior written consent of the Town.
XIII. LANDOWNERS PUBLIC IMPROVEMENTS
The creation of the District shall not relieve the landowner, its successors or assigns of
the obligation to construct public improvements required by any annexation or other subdivision
improvement agreement.
{00027987.DOC v:8} 15
XIV. MODIFICATION OF SERVICE PLAN
The District will obtain the approval of the Town, St. Vrain and Longs Peak, if
applicable,before making any material modifications to this Service Plan. Material
modifications include modifications of a basic or essential nature including additions to the types
of services provided by the District, change in dissolution date or change in debt limit. This is
not an exclusive list of all actions that may be identified as a material modification. Town
approval is not required for modifications to this Service Plan necessary for the execution of
financing or construction of public improvements already outlined in this Service Plan.
XV. STATUTORY REOUIREMENTS
It is submitted that this Service Plan meets the requirements of the Special District
Control Act, meets applicable requirements of the Colorado Constitution and those of the Town.
It is further submitted that:
A. There is sufficient existing and projected need for organized service in the area to
be serviced by the District;
B. The existing service in the area to be served by the District is inadequate for
present and projected needs;
C. The District is capable of providing economical and sufficient service within its
proposed boundaries; and
D. The area to be included within the District does have, and will have, the financial
ability to discharge the proposed indebtedness on a reasonable basis.
{00027987.DOC v:81 16
LEGAL DESCRIPTION
A PARCEL OF LAND LYING WITHIN THE NORTHEAST QUARTER OF SECTION 28,
TOWNSHIP 3 NORTH, RANGE 68 WEST OF THE SIXTH PRINCIPAL MERIDIAN, IN THE
_ COUNTY OF WELD, STATE OF COLORADO, MORE PARTICULARLY DESCRIBED AS
FOLLOWS:
COMMENCING AT THE NORTHEAST CORNER OF SAID SECTION 28;
THENCE ALONG THE EASTERLY LINE OF SAID NORTHEAST QUARTER, SOUTH 00°22'47"
EAST 2651.97 FEET TO THE EAST QUARTER CORNER OF SAID SECTION 28;
THENCE ALONG THE SOUTHERLY LINE OF SAID NORTHEAST QUARTER, SOUTH 89°01'14"
WEST 2657.71 FEET TO THE CENTER QUARTER CORNER OF SECTION 28;
THENCE ALONG THE WESTERLY LINE OF SAID NORTHEAST QUARTER, NORTH 00°05'08"
WEST 2587.46 FEET TO THE SOUTHERLY RIGHT-OF-WAY OF COLORADO STATE HIGHWAY
66, BEING THE BEGINNING OF A NON-TANGENT CURVE CONCAVE NORTHERLY, HAVING
_ A RADIUS OF 11505.00 FEET,THE RADIUS POINT OF SAID CURVE BEARS NORTH 00°59'33"
WEST;
THENCE ALONG SAID SOUTHERLY RIGHT-OF-WAY THE FOLLOWING 2 COURSES:
1) EASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 04°16'44"AN ARC
LENGTH OF 859.20 FEET;
2) TANGENT TO SAID CURVE, NORTH 84°43'43" EAST 434.41 FEET TO THE NORTHERLY
LINE OF SAID NORTHEAST QUARTER OF SAID SECTION 28;
THENCE ALONG SAID NORTHERLY LINE, NORTH 89°01'28" EAST 1353.52 FEET TO THE
POINT OF BEGINNING.
CONTAINING 160.160 ACRES (6,976,536 SQ. FT.), MORE OR LESS.
mo•o. p).5Nce•e:t
a :C3''43- Cyr�O
— _; •r 36580 `^s o=
• •'4,
J S
# W 4141 n
IIIIII 11111�No\`\\`\\`\
ROBERT D. SNODGRASS
COLORADO REGISTERED PROFESSIONAL LAND SURVEYOR, P.L.S. 36580
FOR AND ON BEHALF OF AZTEC CONSULTANTS, INC.
The above and foregoing describes a surface estate only. Expressly
excluded from this legal description are any estates below the surface
including oil, gas and other minerals (including sand and gravel) and any
related rights of surface use.
100032719.DOC vi)13004-08,09-22-2004
Page 1 of 1
EXHIBIT B
District Map
{00027987.DOC v:8)
DISTRICT BOUNDARY
NE COR SEC.28
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it- EXHIBIT —
LIBERTY RAN
3/05
—
INMINEEAINA PARTNER- 500 250 0 500 1000 Ep) z6 w.
Dry Creek Circle,$ 600
Littleton,Colorado 80
Tel.(303)703-4444
SCALE: 1" = 500' Fax(303)703-4530
EXHIBIT C
Vicinity Map
(00027987:DOC v:8}
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EXHIBIT -
—
UBERTY RANCH
3/05
EP) ENGINEERING 2PA6iNENS,e
— 5000 2500 0 5000 10000 26 W.Dry Creek Circle,Suite00
Littlemn,Colorado H01206
Tel.(303)703-4444
SCALE: 1" = 5000' F'ax(303)703 4530
- NE COR SEC.28
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LEGEND EXHIBITSEC - I
-
ROAD IMPROVEMENTS LIBERTY RAN
CNTY RD 5.5 PERIMETER RD IMPRO MENTS
iiiiii CNN RD 7 3/05- SH 66
ENGINEERING MINERS,
500 250 0 500 1000 ( 1h)
I
26 W.Dry Creek Circle,Suit 600
Littleton,Colorado 8012
Tel.(303)703-4444
SCALE: 1" = 500' Fax(303)703-4530
NE COR SEC.28
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LEGEND 1
SWEETS EXHIBIT -
STREET IMPRO ENTS
LIBERTY RANCH
3/05
EP)
2
ENGINEERING MIT RNESSt
500 250 0 500 1000
26 W.D Dry Creek Circle,Suit 600
Littleton,Colorado 8012
Tel.(303)703-4444
SCALE: 1" = 500' Fax(703)703-4530
EXHIBIT E
Water Distribution System
{00027987.DOC v:8}
NE COR SEC.28
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LEGEND EXHIBIT -
- WATER LINES UBERTY RANCH
` ONSITE DOMESTIC WATER
3/05
ENGINEERING PARTIN,Mt
- 500 250 0 500 1000 EP)
26 W.Dry Creek Circle,Suit 600
Littleton,Colorado 80121
Tel.(303)703-4444
SCALE: 1" = 500' Fax(303)703-4530 '
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EXHIBIT F
Sanitation/Drainage System
{00027987.DOC v:8}
NE COR SEC.28
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_ LEGEND
EXHIBIT -
- SANITARY SEWER
LIBERTY RANCH
ONSITE SANITAR SEWER
3/05
ENGINEERING PRRINERS,
500 250 0 500 1000 EP)
26 W.Dry Creek Circle,Suit 600
Littleton,Colorado 8012
Tel.(303)70341444
SCALE: 1" = 500' Fax(703)7074570 '
NE COR SEC.28
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LEGEND
- STORM PIPE
= IMPROVED CHANNEL
EXHIBIT -
RF`�' LIBERTY R 'NCH
0STORM DR INAGE
43 3/05
IN NEERIN6 PART RS
500 250 0 500 1000 26 .Dry Creek Circl Suite 600
ittleton,Colorado 0120
Tel.(303)703-4 44
SCALE: 1" = 500 Fax(303)703-4 30
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i— 4 - Proposed Water&Sewer Routes 1100IL SUNSET ST.SUITE 1F,ILlf GM0NT,CO MI
25 October 2004 Creek Line Service Area TEL 933.77L5012 memoaol.assigessrwscsmnenaoeo
EXHIBIT G
Public Improvements Cost Estimate
{00027987 DOC v:8}
-- (p) ENGINEERING PARTNERS,INC. 26 W.DRY CREEK CIRCLE,SUITE 600
LITTLETON,COLORADO 80120
Phone 303-703-4444
Fax 303-703-4530
-
-
ENGINEERING OPINION OF COST
FOR LIBERTY RANCH
—
March 2005
_ UNIT
ONSITE STREETS QUANTITY UNIT COST TOTAL
7.5" THICK AC PAVEMENT 32,821 TONS 60.00 $1,969,260
- 4" CURB/GUTTER/WALK 33942 LF 22.00 $746,724
8' CROSSPAN 9 EA 8000.00 $72,000
6" VERT CURB 8481 LF 18.00 $152,658
- 5' S/W 4712 SY 35.00 $164,920
STREET SIGNS 46 EA 300.00 $13,800
BLDG DEMOLITION 1 LS 50000.00 $50,000
-
CUT 120000 CY, 1.75 $210,000
4" GAS LINE RELOCATION 4450 LF 16.00 $71,200
18" PVT. IRR1G. LINE 2888 LF 38.00 $109,744
-
IRRIG MANHOLE 10 EA 2600.00 $26,000
ENGINEERING DESIGN 1 LS 95000.00 $95,000
_ CONSTRUCTION STAKING 1 LS 65000.00 $65,000
INSPECTION AND TESTING 1 LS 35000.00 $35,000
PERMITS 1 LS 10000.00 $10,000
_. SILT FENCE 6000 LF 2.50 $15,000
STRAW BALES 300 EA 6.00 $1,800
SEED/MULCH 10 AC 1500.00 $15,000
ONSITE STORM DRAINAGE
18" RCP 1394 LF 38.00 $52,972
- 24" RCP 3825 LF 54.00 $206,550
30" RCP 1047 LF 70.00 $73,290
36" RCP 287 LF 80.00 $22,960
-
42" RCP 431 LF 85.00 $36,635
48" RCP 617 LF 90.00 $55,530
54" RCP 330 LF 110.00 $36,300
_
10' TYPE R INLET 37 EA 8200.00 $303,400
STORM MANHOLE 55 EA 7500.00 $412,500
TYPE C INLET 2 EA 4500.00 $9,000
- DEBRIS REMOVAL- SANBORN 1 LS 80000.00 $80,000
DETENTION STORAGE - SANBORN 1 LS 120000.00 $120,000
ENGINEERING DESIGN 1 LS 50000.00 $50,000
CONSTRUCTION STAKING 1 LS 30000.00 $30,000
INSPECTION AND TESTING 1 LS 18000.00 $18,000
PERMITS 1 LS 5000.00 $5,000
-
ONSITE WATER
8" PVC 16177 LF 34.00 $550,018
-
8" GATE VALVE 60 EA 2900.00 $174,000
2" B.O. 6 EA 1600.00 $9,600
- 6" F.H.COMPLETE 41 EA 2200.00 $90,200
12" PVC 6996 LF 54.00 $377,784
12" GATE VALVE 25 EA 4100.00 $102,500
- 3/4" SERVICES 380 EA 600.00 $228,000
ENGINEERING DESIGN 1 LS 42000.00 $42,000
CONSTRUCTION STAKING 1 LS 40000.00 $40,000
INSPECTION AND TESTING 1 LS 30000.00 $30,000
PERMITS •
1 LS 12000.00 $12,000
-
ONSITE SEWER •
8" PVC STANDARD DEPTH 19161 LF 36.00 $689,796
10" PVC STANDARD DEPTH 1529 LF 44.00 $67,276
-
MANHOLES 74 EA 2800.00 $207,200
4" SEWER SERVICE 380 EA 600.00 $228,000
- ENGINEERING DESIGN 1 LS 56000.00 $56,000
CONSTRUCTION STAKING 1 LS 48000.00 $48,000
INSPECTION AND TESTING 1 LS 30000.00 $30,000
- PERMITS 1 LS 12000.00 $12,000
- PERIMETER STREETS
8-1/2"THICK AC PAVEMENT 16978 TONS 60.00 $1,018,680
8'TRAIL 4870 SY 35.00 $170,450
-
30" IRRIG. LINE 624 LF 55.00 $34,320
24" IRRIG LINE 2150 LF 46.00 $98,900
18: IRRIG LINE 242 LF 38.00 $9,196
-
SIGNALIZATION HWY 66/7 1 EA 225000.00 $225,000
SIGNALIZATION HWY 66/5.5 1 EA 300000.00 $300,000
- 6" VERTICAL C&G 6000 LF 18.00 $108,000
IRRIG BOX 1 LS 5000.00 $5,000
IRRIG MANHOLE 5 EA 2200.00 $11,000
- IRRIG BOX 1 LS 3500.00 $3,500
SIGNAGE 30 EA 300.00 $9,000
STRIPING 1 LS 25000.00 $25,000
TREE REMOVAL 1 LS 20000.00 $20,000
ENGINEERING DESIGN I LS 92000.00 $92,000
CONSTRUCTION STAKING 1 LS 68000.00 $68,000
INSPECTION AND TESTING 1 LS 52000.00 $52,000
PERMITS 1 LS 30000.00 $30,000
SUB TOTAL $10,609,663
15% CONTINGENCY $1,591,450
TOTAL $12,201,113
LIBERTY RANCH METROPOLITAN DISTRICT
OFF-SITE IMPROVEMENT COST ESTIMATES
Off-site sewer line $3,500,000
Off-site water line $7,500,000
•
(00032716.DOC v:1
EXHIBIT H
Financial Plan
{00027987.DOC v:8)
I 1 I.. I I I I I I I I I t I l I I I I
Page 1 o13
LIBERTY RANCH METROPOLITAN DISTRICT
Development Projection at 40.00 Mills ler Debt Service
Ser.2008 6 2011 Bond Issues,Non-Rated,30-yr maturities
Residential Planedmenloped l 07% CommerNal
Mel Value Mod Value Mao Vain. Mel Value 80.4 Value 'Moi a ML lnrpno
Total ennnil 07.14%a 0 20%.8 Total Biennia 0 20%of Total Mel Avail Taal OMnnnp Ten on Cam.
Complied Rn.[aaaml Cumulative Metal Value Cunutuw semi Taloa Complete Cumulative Menem Value Amend Ma IonIer Comet.. 010%M Total Surplus 45
YEAR Reel unit. 2% Market Value 2-rte Mortal Value 2.r Somme 2% Mantel Vella a.rla Value 0454 Some. ea% P Tams Feel Fees 2%
2004 $0 $0 $
2005 $0 $0 $0 $ $ $ $0 40.000 $0 $0 $0 $0
2006 0 0 0 1,146,833 $ 0 0 40.000 10 $0 $0 0
2007 4 11.931,649 0 1.255,059 0 40.000 0 0 94,000 0
2008 5 238,533 25,497.562 0 2,014,384 332.58 0 332.552 40.000 13.037 1,304 102.000 1,880
2009 7 47,301,898 949.759 2,255.284 364.19 1.313,958 40.000 51.507 5.151 152,000 4.244
2010 8 946.038 73,148,089 2.029.606 5,490,835 584,17 0 2.613.777 40.000 102,480 10.246 168,000 8,502
I 2011 7 95,248,747 3.165,231 542.025 654,03 352,53 39,735,064 4,419,263 40.000 173.235 17,324 320.41 8,562
2012 1 1,904,975 103.379.886 5,822,588 0 1,592.34 794,701 40.529.768 7,414.930 40.000 290,665 29,067 36,000 14,397
2013 103,379.866 7.561.800 0 157,1$ 40,529766 11.523.159 19,262.156 40.000 755,077 75.508 16.542
2014 2067.598 105.447.483 5,229,039 0 810,595 41,340,361 11,753,832 19,952.671 40,000 763,321 75,]32 16,488
2015 105,447,483 5,229.039 0 41,340.361 11,753,632 19,952,671 40.000 753,321 78.332 16,571
2016 2,108,950 107.556.433 8,393,620 0 626,807 42,167,168 11968,705 20.352.324 40.000 798,987 793199 16.693
2017 107,556.433 8,393,620 0 42,167,160 11.988.705 20,382,324 40.000 798657 79,899 16,999
2018 2,151,129 109,707,562 8,561,492 0 543,343 43,010,512 12,228,479 20.759,971 40.000 814,967 81.497 17,305
2019 109,707.562 6,561,492 43.010.512 12,228,479 20.789,971 40.000 814,967 81,497 17,741
2020 2,194,151 111,901,713 8,732,722 860.210 43,870,722 12,473,046 21,205,770 40.000 831,268 83,127 18,108
2021 111,901,713 8732,722 43,870.722 12,473,045 21,205,770 40.000 831,266 63,127 16,430
2022 2,238,034 114.139.747 6,907,376 877,414 44,746,138 12,722,509 21.629.880 40.000 847,892 54,789 4.000
2023 114.139,147 8,907,376 44,746,136 12,722.509 21,829,856 40.000 547,892 84,789 4,000
2024 2,282,795 116.422,542 9,085,524 694.963 45,643,099 12,976,959 22,062,483 40.000 864,849 86,485 4,000
2025 116,422,542 9,085,524 45,643,099 12,976,959 22.062,463 40.000 864,549 56,485 4,000
2026 2328.451 118,750,993 9,267,234 912,662 46,555,961 13,236,499 22,503,733 40.000 882.146 88,215 4.000
2027 118.750.993 9.267,234 46,555,961 13.236,499 22,503,733 40.000 582,146 68.215 4,000
2028 2.375.020 121.126,013 9.452,579 • 931,119 47,487.080 13,501,229 22,953,808 40.000 899,789 89,979 4,000
2029 121.126.013 9,452,579 47,487.080 13,501,229 22,953.805 40.000 699,189 89.979 4,000
2030 2,422.520 123,548,533 8,641,631 949,742 48,436,822 13,771,253 23,412,584 40.000 917,785 91.779 4,000
2031 123,548,533 9,641,631 48,436,822 13.771,253 23,412,654 40.000 917,755 91,779 4,000
2032 2,470,971 126,019,504 9,534,463 968,736 49,405,556 14.046.678 23,861,142 40.000 936,141 93.614 4,000
2033 126,019,504 9,834,463 49,405,558 14,046,878 23,881,142 40.000 936,141 93.614 4.000
2034 2,520,390 128,539,894 10,031,152 988,111 50,393,669 14,327,612 24,358,764 40.000 954.564 95,486 4,000
2035 120,539,094 10,031.152 50,393,669 14,327,612 24,358,764 40.000 954.564 95,486 4,000
2036 2,570,798 131.110,692 10.231,776 1,007,873 51,401,543 14,614,164 24,845.940 40.000 973,961 97,396 4,000
2037 131.110.692 10,231,776 • 51,401,543 14,614,164 24,545.940 40.000 973,961 97,396 4,000
2038 2.622,214 133,732,905 10,436,411 1.025.031 52,429,574 14,906,447 25,342,858 40.000 993,440 99.344 4,000
2039 133.732,905 10,43fi 411 . 52.429,574 14,906,447 25,342,858 40.000 993,440 99,344 4.000
2040 2.674.655 136,407,584 10,645,139 1,048,591 53,475,165 15,204,575 25,549,716 40.000 1,013,309 101,331 4.000
2041 136,407.554 10.645.139 53476,155 15,204,576 25,819716 40.000 1,013,30 101.331 4,000
2042 2728151 139.135,715 10,858.042 1.069,563 54.547.728 15.508.668 26,366,710 0.000 0 4.000
2043 139.135.715 10.856042 54,547.726 15,508,668 28,366,710 0.000 0 4,000
2044 2.782.714 141,918,429 11,075,203 1,093955 55,636663 15,516,841 25.694,044 0000 0 4,000
2045 11.075,203 15,016841 26894,044 0.000 0 4,000
2046 11.296,707 16,135,216 27,431,925 0.000 0 4000
348 41.628.189 352,836 15,903,619 26,411,41 2641.141 872,418 292.922
•
3,25/2005 0 LRMO Fin Plan 05.115 NR Fin Plan Prepared by Kirkpatrick Pettis
1 I I I I } I I I } I
1 1 1 i } }
Page 2 of 3
LIBERTY RANCH METROPOLITAN DISTRICT 7x41 suer P.,: 11,286,000
Development Protection at 40.00 Mille for Debt Service
Ser.2008 I.2011 Dodd Issues,Non-Rated,30-yr maturities
S.,YOOS Bar.5011 MAX r...w
51,150,080 Par 61,24SON P., Surplus Mnar mammas.
Taal NH 12.712 MME 320.151208 MA) Release@ Cumulative 0.0204. of current yen
Available Mel Peet MM Dal Annual %M WA burplue A..nW Converted
YEAS Revenue SeMee service Serpi. IS$100,000 $1,131,000 Target Retie leAV
2034 0 0 Ns
2005 10 0 0 Ns 0
2006 10 0 0 Na 332.582
2007 94,000 94.000 94,000 Na 1.313.956
2008 118,221 SO 118,221 212,221 941% 2,613,777
2009 212,902 0 212,902 425,123 240% 4,419,263
2010 269,209 251.250 7,959 433.082 119% 7.414.930
2011 519.836 232,875 SO 286783 719,845 257% 19,262,158
2012 310.129 247.815 0 , 122.254 842.099 153% 19,982,571
2013 847,426 246.750 618,375 (17,899) 524,400 59% 19.982.671
2014 878,141 255.625 618,375 4,141 828,541 67% 20,382,324
2015 878,224 253,150 618,375 6.099 834.639 56% 20,362.324
2016 595,579 256,815 623,375 15,329 849068 55% 20,769,971
2017 895,885 259,625 618,000 18,260 865,226 55% 20,789,911
2018 913,826 267,000 628.000 18,828 887,056 54% 21,206.770
2019 914.205 283,625 832,250 16.330 905.386 53%
2020 932,501 270,250 648,125 16,126 921.511 52%
2021 932,823 271,125 1,376,875 (717,177) 4.334 200,000 48%
2022 936,681 276.625 656,500 3,556 3.556 200.000 46%
2023 936,661 215,375 659,000 1.306 1,306 200000 45%
2024 955,334 280.750 670.750 3,834 3.834 200,000 44%
2025 955.334 219.375 671,000 4,959 4,959 200,000 42%
2026 914.361 287,625 680,500 6,236 6.236 200,000 40%
2027 974,361 284,750 663,500 6.111 6.111 200,000 39%
2028 993768 291,500 700,375 1,593 1,893 200,000 37%
2029 993,768 292.125 700,000 1,843 1.643 200,000 35%
2030 1,013,564 297,000 713.500 3,064 3,064 200,000 33%
2031 1,013,564 295,750 714,750 3,084 3,084 200,000 31%
2032 1.033,755 303.750 724.500 5.505 5,505 200.000 29%
2033 1,033.755 305,250 727.000 1.505 1,505 200,000 26%
2034 1,054,350 310.625 737.625 6.100 6,100 200,000 24%
2035 1,054.350 309,500 140.625 4,225 4.225 200,000 21%
2036 1.075,357 317,250 751.375 0,732 6,732 200,000 18%
2037 1.015,357 318.125 754.125 3,107 3.101 200,000 15%
2036 1,096.784 322,500 769,250 5,034 5,034 200,000 11%
2039 1,096,784 0 1,090.625 6.159 6.159 200,000 8%
2040 1,116,640 0 1,115,000 3,640 3,640 200,000 4%
2041 1,118,640 0 1,112.625 6.015 6.015 200,000 0%
2042 4,000 0 0 4,000 4.000 200,000 0%
2043 4,000 0 0 4000 4,000 209000 0%
2044 4,000 0 0 4,000 4,000 200.000 0%
2045 4,000 0 0 4,003 4.000 200.000 0%
2046 4.000 0 0 4.000 4,000 200,000 0%
i 30.217,896 8.155.500 21,754,375 308,021 108.021
IOwxw5 mv4ODI IOIMWS II 0460/
1,292005 D LRMD Fin Plan 05 xis NR Fin Plan Prepared by Kirkpatrick Pettis
I I I 1 I ) 1 I l i I 7 ! [ I C I I
Page 3 013
LIBERTY RANCH METROPOLITAN DISTRICT Operations Revenue and Expense Projection
I
Lees District
Specific opereuene•
Total Total Ownership Ten TOW el 116.00e Developer OeneYMr
W °peens Collections O10%of 4rehlYY MR.01%M e4venue Per Repayment/sr Mnoel
YEAR Value Mil Le N% Pre' Texas Per OAS rnaz 3.0 mine melons O rYYne Su We
2004 0 5.000 0 0 0
2005 0 5.000 0 0 0
2006 0 5.000 0 0 0
2007 0 5.000 0 0 0
! 2008 332,582 5.000 1,630 163 1,793
2009 1.313,958 5.000 6,438 644 7.082 75,000 67.91
2010 2,613,777 5.000 12.808 1281 14,088 75,750 61,66
2011 4,419.263 5.000 21.654 2,165 23.820 78.508 52.68
2012 7.414,930 5.000 36.333 3,633 39,986 77,273 37.306
2013 19,262,158 5.000 94.385 9,438 103,823 78.045 25.77
2014 19,982,671 5.000 97,915 9.792 107.707 78,828 2988
2015 19,982,671 5.000 97,915 ' 9.792 107,707 79.614 28.093
2016 20.382.324 5.000 99.873 9.967 109,861 80,410 29,45
2017 20,392.324 5.000 99.873 9,987 109,861 81,214 28,64
2018 20,789,971 5.003 101,871 10.187 112.058 82.026 30.03
2019 20,789,971 5.000 101,871 10.107 112,058 82,847 29,21
2020 21.205.770 5.000 103,908 10,391 114,299 83,675 19,482 11,14
2021 21,205.770 3.697 76.829 7.683 84,512 84,512
2022 21.629,886 3.661 77.597 7,760 85,357 85.357
2023 21.629,586 3.697 78.373 7,837 86,211 86,211
2024 22.062.483 3.661 79,157 7,916 •87.073 87,073
2025 22,062.483 3.698 79,949 7,995 87.943 87,943
2026 22,503.733 3.661 80,748 8,075 88.823 88,823
2027 22,503.733 3.696 51,556 8,156 89.711 89,711
2028 22,953,808 3.662 82,371 8,237 90.608 ' 90,608
2029 22,953,808 3.698 83,195 8,319 91,514 91.514
2030 23,412,884 3.662 84.027 8,403 92,429 92.429
2031 23,412.884 3.699 84,867 8,487 93,354 93,354
2032 23,881.142 3.663 85.716 8.572 94,287 94.287
2033 23.881.142 3.699 86.573 8.657 95.230 95,230
2034 24,358.784 3.663 87.439 8.744 96,182 96.182
2035 24.358.784 3.699 88.313 8.831 97,144 97,144
2036 24,845.940 3.663 89.196 8.920 98,116 98,116
2037 24.845.940 3.700 90,088 9.009 99.097 99,097
2038 25.342.858 3.864 90.989 9,099 100.088 100.088
2039 25,342,858 3.700 91,899 9,190 101.089 101,089
2040 25.649.716 3.864 92,818 9.282 102,103 102,100
2041 25.649.716 3701 93.746 9.375 103,121 103.121
2042 26.366710 3.664 94.683 9.468 104,152 104.152
2043 29366,710 3.701 95.630 9,563 105.193 105.193
2044 26.894.044 3.665 96.587 9.859 106.245 136.245
2045 28.894.044 3.701 97,552 9.755 107,308 107.308
2046 27.431,925 3,665 98,528 9,853 108.381 108,381
219,57 219.57 11.142
3/25/2005 0 LRMD Fin Plan 05.afs NR Fin Plan Prepared by Kirkpatrick Pettis
) I It I I I I I I I 1 t I I I ) I I
Page 2 of 2
LIBERTY RANCH METROPOLITAN DISTRICT
Development Projection(updated 3/23/05)
•
Commercial Commercial Summary
27 Acres et.3 F.A.R
Incr/(Decr)In Price
Finished Lot Square Ft par Sq Ft, Total Cumulative Total Commercial Value of
SF Value Completed Inflated® Market Commercial Commercial Commercial Facility Fees Platted I
YEAR Deward 10% 35x606 to el 2% Value Market Value Market Value SF Completed $0.50/SF Dwalo ed Lots
2004 $0 0 $0.00 $0 $0 0 0 $0 $0
2005 0 0 $100.00 0 0 0 0 0 0
2006 0 0 102.00 0 • 0 0 0 0 1,146,833
2007 0 0 104.04 0 0 0 0 0 109,026
2008 0 0 106.12 0 0 0 0 0 758,524
2009 0 0 108.24 0 0 0 0 0 240,900
2010 352,83 3,528,360 0 110.41 0 0 0 0 0 3,235,552
2011 (3,528.360) 352,836 112.62 39,735,064 39,735.064 39.735.064 352,836 176,418 (4,948,810)
2012 0 0 114.87 0 0 39,735,064 0 0 (542,025)
2013 0 0 117.17 0 0 39,735.064 0 0 0
2014 0 0 119.51 0 0 39,735,064 0 0 0
2015 0 0 121.90 0 0 39.735,064 0 0 0
2016 0 0 124.34 0 0 39,735,064 0 0 0
2017 0 0 126.82 0 0 39,735,064 0 0 0
2018 0 0 129.38 0 0 39,735,064 0 0 0
352,836 0 352,836 39,735,064 39,735,064 352,836 176,418 0
•
3/25/2005 0 LRMD Fin Plan 05.xls Abs Prepared by Kirkpatrick Pettis
} I Ili.
I I I 1 T. I 1 I I I ti I I
Page 1 of 2
LIBERTY RANCH METROPOLITAN DISTRICT
Development Projection(updated 3/23/05)
Residential Development Residential Summary
Horizons SFDs Americana EFDs
Ina/poor)In Incr/(D.cr)in All Ro'l
Finished Lot a Units Price Finished Lot a Units Price Total Cumulative Total Facility Fees
a Lots Value C Completed Inflated C Market a Lots Value C Completed Inflated et Market Residential Residential $FD per unit a
YEAR Derel'd 10% 225 to et 2% Value Deval'd 10% 120 M et 2% Value Market Value Market Value Reel Units 22,000
•
2004 0 SO 0 SO SO 0 SO 0 SO SO SO 0 0 SO
2005 0 0 0 244.007 0 0 0 0 301,125 0 0 0 0 0
2006 47 1,146,833 0 248,887 0 0 0 0 307,148 0 0 0 0 0
2007 49 48.801 47 253,865 11,931,649 2 60,225 0 313,290 0 11,931.649 11,931,649 47 94,000
2008 48 (24,401) 49 258,942 12,688.167 28 782,925 2 319,556 639,113 13,327,279 25,258,929 51 102,000
2009 48 0 48 284,121 12.677.809 36 240,900 28 325,947 9,126,527 21,804,336 47.063,265 76 152,000
2010 36 (292,808) 48 269.403 12,931,365 36 0 36 332,466 11,968,788 24,900,153 71,963,418 84 168,000
2011 0 (878,425) 36 274,792 9.892,494 18 (542,025) 36 339,116 12,208,184 22100,658 94,084,076 72 144,000
2012 0 0 0 280.287 0 0 (542,025) . 18 345,898 6.226,163 6,226,163 100,290,240 18 36.000
2013 0 0 0 285,893 0 0 0 0 352,816 0 0 100,290.240 0 0
2014 0 0 0 291,611 0 0 0 0 359,872 0 0 100,290,240 0 0
2015 0 0 0 297,443 0 0 0 0 367,070 0 0 100,290,240 0 0
2016 0 0 0 303,392 0 0 0 0 374,411 0 0 100,290,240 0 0
2017 0 0 0 309,460 0 0 0 0 381,899 0 0 100,290,240 0 0
2018 0 0 0 315,649 0 0 0 0 389,537 0 0 100,290,240 0 0
228 0 228 60,121,485 120 .0 120 40,168,754 100,290,240 348 696,000
3/25/2005 D LRMD An Plan 05.xis Abs Prepared by Kirkpatrick Pettis
SOURCES AND USES OF FUNDS
,...- LIBERTY RANCH METROPOLITAN DISTRICT
SERIES 2008 G.O.BONDS
30-year final maturity, Non-Rated Bonds
Dated Date 12/01/2008
Delivery Date 12/01/2008
Sources:
Bond Proceeds:
Par Amount 3,150,000.00
3,150,000.00
Uses:
�,. Project Fund Deposits:
Project Funds 2,792,106.99
Other Fund Deposits:
Capitalized Interest 231,893.01
Delivery Date Expenses:
Cost of Issuance 126,000,00
3,150,000.00
•
-a
Mar 25,2005 2:01 pm Prepared by Kirkpatrick Penis (Finance 5.013 Liberty Ranch MO 04:DMAR2305-08NR40D) Page 1
BOND DEBT SERVICE
LIBERTY RANCH METROPOLITAN DISTRICT
`
SERIES 2008 G.O.BONDS
30-year final maturity,Non-Rated Bonds
Dated Date 12/01/2008
Delivery Date 12/01/2008
Period Annual
Debt
Ending Principal Coupon Interest Debt Service Service
12/01/2008
06/01/2009 118,125.00 118,125.00
12/01/2009 118,125.00 118,125.00 236.250
06/01/2010 118,125.00 118,125.00
'-' 12/01/2010 45,000 7.500% 118,125.00 163,125.00 281,250
06/01/2011 116,437.50 116,437.50
12/01/2011 116,437.50 116,437.50 232,875
06/01/2012 116,437.50 116,437.50
12/01/2012 15,000 7.500% 116,437.50 131,437.50 247,875
r. 06/01/2013 115,875.00 115,875.00
12/01/2013 15,000 7.500% 115,875.00 130,875.00 246,750
06/01/2014 115.312.50 115,312.50
12/012014 25,000 7.500% 115,312.50 140,312.50 255,625
06/01/2015 114,375.00 114,375.00
- 12/01/2015 25,000 7.500% 114,375.00 139,375.00 253,750
06/01/2016 113,437.50 113,437.50
12/01/2016 30,000 7.500% 113,437.50 143,437.50 256,875
06/01/2017 112,312.50 112,312.50
12/01/2017 35,000 7.500% 112,312.50 147,312.50 259,625
06/01/2018 111,000.00 111,000.00
12/012018 45,000 7.500% 111,000.00 156,000.00 267,000
06/01/2019 109,312.50 109,312.50
12/01/2019 45,000 7.500% 109,312.50 154,312.50 263,625
06/01/2020 107,625.00 107,625.00
12/01/2020 55,000 7.500% 107,625.00 162,625.00 270,250
. 06/01/2021 105,562.50 105,562.50
12/01/2021 60,000 7.500% 105,562.50 165,562.50 271,125
06/01/2022 103,312.50 103,312.50
12101/2022 70,000 7.500% 103,312.50 173,312.50 276,625
06/01/2023 100,687.50 100,687.50
12/01/2023 75,000 7.500% 100,687.50 175,687.50 276,375
06/01/2024 97,875.00 97,875.00
12/01(2024 85,000 7.500% 97,875.00 182.875.00 280,750
06/012025 94,687.50 94,687.50
12/01/2025 90,000 7.500% 94,687.50 184,687.50 279,375
-- 06/01/2026 91,312.50 91,312.50
12/01/2026 105,000 7.500% 91,312.50 196,312.50 287,625
06/01/2027 87,375.00 87,375.00
12/01/2027 110,000 7.500% 87,375.00 197,375.00 284,750
06/01/2028 83,250.00 83,250.00
12/01/2028 125,000 7.500% 83,250.00 208,250.00 291,500
06/012029 78,562.50 78,562.50
12/01/2029 135,000 7.500% 78,562.50 213,562.50 292.125
06/01/2030 73,500.00 73,500.00
12/01/2030 150,000 7.500% 73,500.00 223,500.00 297,000
06/01/2031 67,875.00 67,875.00
12/01/2031 160,000 7.500% 67,875.00 227,875.00 295,750
06/01/2032 61,875.00 61,875.00
12/01/2032 180,000 7.500% 61,875.00 241,875.00 303.750
06/01/2033 55,125.00 55,125.00
—
12/01/2033 195,000 7.500% 55,125.00 250,125.00 305,250
06/01/2034 47,812.50 47,812.50
12/01/2034 215,000 7.500% 47,812.50 262,812.50 310,625
06/01/2035 39,750.00 39,750.00
12/01/2035 230,000 7.500% 39,750.00 269.750.00 309,500
06/01/2036 31,125.00 31,125.00
— 12/01/2036 255,000 7.500% 31,125.00 286,125.00 317,250
06/01/2037 21,562.50 21,562.50
12/01/2037 275,000 7.500% 21,562.50 296,562.50 318,125
06/01/2038 11,250.00 11,250.00
12/01/2038 300,000 7.500% 11,250.00 311,250.00 322,500
3,150,000 5,241,750.00 8,391,750.00 8,391,750
Mar 25,2005 2:01 pm Prepared by Kirkpatrick Pettis (Finance 5.013 Liberty Ranch MD 04:DMAR2305-0BNR40D) Page 2
NET DEBT SERVICE
-
LIBERTY RANCH METROPOLITAN DISTRICT
SERIES 2008 G.O.BONDS
30-year final maturity,Non-Rated Bonds
�_ Total Capitalized Net Annual
Date Principal Interest Debt Service Interest Debt Service Net D/S
06/01/2009 118,125.00 118,125.00 118,125
12/01/2009 118,125.00 118,125.00 118,125
06/01/2010 118,125.00 118,125.00 118,125.00
12/01/2010 45,000 118,125.00 163,125.00 163,125.00 281,250
06/01/2011 116,437.50 116,437.50 116,437.50
12/01/2011 116,437.50 116,437.50 116.43750 232,875
06/01/2012 116,437.50 116,437.50 116,437.50
- 12/012012 15,000 116,437.50 131.437.50 131,437.50 247,875
06/01/2013 115,875.00 115,875.00 115,875.00
12/01/2013 15,000 115,875.00 130,875.00 130,875.00 246,750
06/01/2014 115,312.50 115,312.50 115,312.50
12/01/2014 25,000 115,312.50 140,312.50 140,312.50 255,625
06/01/2015 114,375.00 114,375.00 114,375.00
12/01/2015 25,000 114,375.00 139,375.00 139,375.00 253,750
06/01/2016 113,437.50 113.437.50 113,437.50
12/01/2016 30,000 113,437.50 143,437,50 143,437.50 256,875
06/01/2017 112,312.50 112,312.50 112,312.50
12/01/2017 35,000 112,312.50 147,312.50 147,312.50 259,625
06/01/2018 111,000.00 111,000.00 111.000.00
12/01/2018 45,000 111,000.00 156,000.00 156,000.00 267,000
06/01/2019 109,312.50 109,312.50 109.312.50
-
12/01/2019 45,000 109,312.50 154,312.50 154,312.50 263,625
06/01/2020 107.625.00 107,625.00 107,625.00
12/01/2020 55,000 107,625.00 162,625.00 162,625.00 270,250
06/01/2021 105,562.50 105,562.50 105,562.50
12/01/2021 60,000 105,562.50 165,562.50 165.562.50 271,125
06/01/2022 103,312.50 103,312.50 103,312.50
12/012022 70,000 103,312.50 173.312.50 173,312.50 276,625
06/01/2023 100,687.50 100,687.50 100,687.50
12/01/2023 75,000 100,687.50 175.687.50 175,687.50 276,375
06/01/2024 97,875.00 97,875.00 97,875.00
12/01/2024 85,000 97,875.00 182,875.00 182,875.00 280,750
06/01/2025 94,687.50 94,687.50 94,687.50
12/01/2025 90,000 94.687.50 184,687.50 184,687.50 279,375
-
06/01/2026 91,312.50 91,312.50 91,312.50
12/01/2026 105,000 91,312.50 196,312.50 196,312.50 287,625
06/01/2027 87,375.00 87,375.00 87,37500
12/01/2027 110,000 87,375.00 197,375.00 197,375.00 284,750
06/01/2028 83,250.00 83,250.00 83,250.00
12/01/2028 125,000 83,250.00 208,250.00 208,250.00 291,500
06/01/2029 78,562.50 78.562.50 78,562.50
12/01/2029 135,000 78,562.50 213,562.50 213,562.50 292,125
06/01/2030 73,500.00 73.500.00 73,500.00
12/01/2030 150,000 73,500.00 223,500.00 223,500.00 297,000
06/012031 67,875.00 67,875.00 67,875.00
12/01/2031 160,000 67,875.00 227,875.00 227,875.00 295,750
06/01/2032 61,875.00 61,875.00 61,875.00
12/01/2032 180,000 61,875.00 241,875.00 241,875.00 303,750
- 06/01/2033 55,125.00 55,125.00 55,125.00
12/01/2033 195,000 55,125.00 250,125.00 250,125.00 305,250
06/01/2034 47,812.50 47,812.50 47,812.50
12/01/2034 215,000 47,812.50 262,812.50 262,812.50 310,625
06/01/2035 39,750.00 39.750.00 39,750.00
12/01/2035 230,000 39,750.00 269.750.00 269.750.00 309,500
06/01/2036 31,125.00 31,125.00 31,125.00
12/01/2036 255,000 31,125.00 286,125.00 286.125.00 317,250
06/01/2037 21,562.50 21,562.50 21,562.50
12/01/2037 275,000 21,562.50 296,562.50 296,562.50 318.125
06/01/2038 11,250.00 11,250.00 11,250.00
12/01/2038 300.000 11,250.00 311,250.00 311.250.00 322,500
` 3,150,000 5,241,750.00 8,391,750.00 236.250 8,155,50000 8,155,500
l Mar 25,2005 2:01 pm Prepared by Kirkpatrick Penis (Finance 5.013 Liberty Ranch MD 04:DMAR2305-08NR400) Page 3
SOURCES AND USES OF FUNDS
_ LIBERTY RANCH METROPOLITAN DISTRICT
SERIES 2011 G.O.BONDS
30-year final maturity,Non-Rated Bonds
Dated Date 12/01/2011
Delivery Date 12/01/2011
Sources:
Bond Proceeds:
Par Amount 8,245,000.00
8,245,000.00
Uses:
Project Fund Deposits:
Project Funds 7,308,229.26
Other Fund Deposits:
Capitalized Interest 606,970.74
Delivery Date Expenses:
Cost of Issuance 329,800.00
8,245,000.00
Mar 25.2005 2:43 pm Prepared by Kirkpatrick Pettis (Finance 5.013 Liberty Ranch MD 04:DMAR2305-11NR40D) Page 1
BOND DEBT SERVICE
LIBERTY RANCH METROPOLITAN DISTRICT
SERIES 2011 G.O.BONDS
30-year final maturity, Non-Rated Bonds
Dated Date 12/01/2011
— Delivery Date 12/01/2011
Annual
Period Debt
Ending Principal Coupon Interest Debt Service Service
12/01/2011
06/01/2012 309,187.50 309,187.50
12/01/2012 309,187.50 309,187.50 618,375
06/01/2013 309,187.50 309,187.50
-- 12/01/2013 309,187.50 309,187.50 618,375
06/01/2014 309,187.50 309,187.50
12/01/2014 309,187.50 309,187.50 618,375
06/01/2015 309,187.50 309,187.50
12101/2015 309,187.50 309,187.50 618,375
06/012016 309,187.50 309,187.50
12/01/2016 5,000 7.500% 309,187.50 314,187.50 623,375
06/01/2017 309,000.00 309,000.00
12/012017 309,000.00 309,000.00 618.000
06/01/2018 309,000.00 309,000.00
- 12/01/2018 10,000 7.500% 309,00000 319,000.00 628,000
06/01/2019 308,625.00 308,625.00
12/01/2019 15,000 7.500% 308,625.00 323,625.00 632,250
06/01/2020 308,062.50 308,062.50
12/01/2020 30,000 7.500% 308,062.50 338,062.50 646,125
06/01/2021 306,937.50 306,937.50
12/01/2021 765,000 7.500% 306,937.50 1,071,937.50 1,378,875
06/01/2022 278,250.00 278,250.00
12/01/2022 100,000 7.500% 278,250.00 378,250.00 656,500
06/01/2023 274,500.00 274,500.00
12/01/2023 110,000 7.500% 274,50000 384,500.00 659,000
-' 06/01/2024 270,375.00 270,375.00
12/01/2024 130,000 7.500% 270,375.00 400,375.00 670750
06/01/2025 265,500.00 265,500.00
12/01/2025 140,000 7.500% 265,50000 405,500.00 671,000
06/01/2026 260,250.00 260,25000
-- 12/01/2026 160,000 7.500% 260,250.00 420,250.00 680,500
06/01/2027 254,250.00 254,250.00
12/01/2027 175,000 7.500% 254,250.00 429.250.00 683,500
06/01/2028 247,687.50 247,687.50
12/01/2028 205,000 7.500% 247.687.50 452,687.50 700,375
- 06/01/2029 240,00000 240,000.00
12/01/2029 220,000 7.500% 240,000.00 460.000.00 700,000
06/01/2030 231,750.00 231,750.00
12/012030 250.000 7.500% 231,75000 481,750.00 713,500
06/01/2031 222,375.00 222,375.00
12/01/2031 270,000 7.500% 222.375.00 492,375.00 714,750
06/01/2032 212,250.00 212,250.00
12/01/2032 300.000 7.500% 212,250.00 512,250.00 724,500
06/01/2033 201,000.00 201,000.00
12/01/2033 325,000 7.500% 201,000.00 526,000.00 727,000
06/01/2034 188,812.50 188,812.50
12/01/2034 360,000 7.500% 188,812.50 548,812.50 737,625
06/01/2035 175,312.50 175,312-50
12/01/2035 390,000 7.500% 175,312.50 565,312.50 740,625
06/01/2036 160,687.50 160,687.50
12/01/2036 430,000 7.500% 160,687.50 590,68750 751.375
06/01/2037 144,562.50 144,562.50
12/01/2037 465.000 7.500% 144,562.50 609,562.50 754,125
06/01/2038 127.125.00 127,125.00
12/01/2038 515,000 7.500% 127,125.00 642,12500 769,250
06/01/2039 107,812.50 107.812.50
12/01/2039 875,000 7.500% 107,812.50 982,812.50 1,090,625
06/01/2040 75,000.00 75,000.00
12/01/2040 965,000 7.500% 75,000.00 1,040,000.00 1,115,000
06/01/2041 38,812.50 38,812.50
12/01/2041 1,035,000 7.500% 38.812.50 1,073,812.50 1,112,625
8,245,000 14,127,750.00 22,372,750.00 22,372,750
Mar 25,2005 2:43 pm Prepared by Kirkpatrick Penis (Finance 5.013 Liberty Ranch MD 04:OMAR2305-11NR40D) Page 2
NET DEBT SERVICE
__ LIBERTY RANCH METROPOLITAN DISTRICT
SERIES 2011 G.O.BONDS
30-year final maturity, Non-Rated Bonds
Total Capitalized Net Annual
-
Date Principal Interest Debt Service Interest Debt Service Net DIS
06/01/2012 309,187.50 309,187.50 309,187.50
12/01/2012 309,187.50 309,187.50 309,187.50
06/01/2013 309,187.50 309,187.50 309,187.50
12/01/2013 309,187.50 309,187.50 309,187.50 618,375
06/01/2014 309,187.50 309,187.50 309,187.50
12/01/2014 309.187.50 309,187.50 309,187.50 618,375
06/01/2015 309,187.50 309,187.50 309,187.50
12/01/2015 309,187.50 309,187.50 309,187.50 618,375
06/01/2016 309,187.50 309,187.50 309,187.50
12/01/2016 5,000 309,187.50 314,187.50 314,187.50 623,375
06/01/2017 309,000.00 309,000.00 309,000.00
12/01/2017 309,000.00 309,000.00 309,000.00 618,000
06/01/2018 309,000.00 309,000.00 309,000.00
12/01/2018 10.000 309,000.00 319,000.00 319,000.00 628,000
06/01/2019 308,625.00 308,625.00 308,625.00
12/01/2019 15,000 308.625.00 323,625.00 323,625.00 632,250
-- 06/01/2020 308,062.50 308,062.50 308,062.50
12/01/2020 30,000 308,062.50 338,062.50 338,062.50 646,125
06/01/2021 306,937.50 306,937.50 306,937.50
12/01/2021 765,000 306,937.50 1,071.937.50 1,071,937.50 1,378,875
06/01/2022 278,250.00 278,250.00 278,250.00
12/01/2022 100.000 278,250.00 378,250.00 378,250.00 656,500
06/01/2023 274,500.00 274,500.00 274,500.00
12/01/2023 110,000 274,500.00 384,500.00 384,500.00 659,000
06/01/2024 270,375.00 270,375.00 270,375.00
- 12/01/2024 130,000 270,375.00 400,375.00 400,375.00 670,750
06/01/2025 265,500.00 265,500.00 265,500.00
12/01/2025 140.000 265.500.00 405,500.00 405,500.00 671,000
06/01/2026 260,250.00 260.250.00 260,250.00
12/01/2026 160,000 260,250.00 420,250.00 420,250.00 680.500
06/01/2027 254,250.00 254,250.00 254,250.00
12/01/2027 175,000 254,250.00 429,250.00 429,250.00 683,500
06/01/2028 247,687.50 247,687.50 247,687.50
12/01/2028 205,000 247,687.50 452,687.50 452,687.50 700,375
-_ 06/01/2029 240,000.00 240,000.00 240,000.00
12/01/2029 220,000 240,000.00 460,000.00 460,000.00 700,000
06/01/2030 231,750.00 231.750.00 231,75000
12/01/2030 250,000 231,750.00 481,750.00 481,750.00 713,500
06/01/2031 222,375.00 222,375.00 222,375.00
12/01/2031 270,000 222,375-00 492.375.00 492.375.00 714,750
06/01/2032 212,250.00 212,250.00 212,250.00
12/01/2032 300,000 212,250.00 512,250.00 512,250.00 724,500
06/01/2033 201,000.00 201,000.00 201,000.00
12/01/2033 325,000 201,000.00 526,000.00 526,000.00 727,000
06/01/2034 188,812.50 188,812.50 188,812.50
12/01/2034 360,000 188,812.50 548,812.50 548,812.50 737,625
06/01/2035 175,312.50 175,312.50 175,312.50
12/01/2035 390,000 175,312.50 565,312.50 565,312.50 740,625
- 06/01/2036 160,687.50 169687.50 160,687.50
12/01/2036 430,000 160,687.50 590,687.50 590,687.50 751,375
06/01/2037 144,562.50 144,562.50 144,562.50
12/01/2037 465,000 144,562.50 609562.50 609,562.50 754.125
06/01/2038 127,125.00 127,125.00 127,125.00
12/01/2038 515,000 127,125.00 642,125.00 642,125.00 769,250
06/01/2039 107,812.50 107,812.50 107,812.50
12/01/2039 875,000 107,812.50 982,812.50 982,812.50 1,090,625
06/01/2040 75,000.00 75,000.00 75,000.00
_- 12/01/2040 965,000 75,000.00 1.040.000.00 1,040,000.00 1,115,000
06/01/2041 38,812.50 38,812.50 38,812.50
12/01/2041 1,035,000 38,812.50 1,073,812.50 1.073,812.50 1,112,625
8,245,000 14,127,750.00 22.372.750.00 618,375.00 21,754,375.00 21,754,375
Mar 25,2005 2:43 pm Prepared by Kirkpatrick Penis (Finance 5.013 Liberty Ranch MD 04:DMAR2305-11NR40D) Page 3
EXHIBIT I
Draft Intergovernmental Agreement with St. Vrain Sanitation District
{00027987.DOC v:8}
DRAFT
McGEADY SISNEROS, P.C.
INTERGOVERNMENTAL AGREEMENT
BETWEEN
LIBERTY RANCH METROPOLITAN DISTRICT
AND
ST. VRAIN SANITATION DISTRICT
1. PARTIES. The Parties to this Agreement are the LIBERTY RANCH
METROPOLITAN DISTRICT (Liberty Ranch) and the ST. VRAIN SANITATION
DISTRICT (District).
2. RECITALS. Liberty Ranch was organized in order to provide public improvements to
serve the Centex Liberty Ranch development (the Project) located within Liberty Ranch's
boundaries as contemplated in its Service Plan. As a Title 32 special district, the District
provides sanitary sewer services and facilities. The boundaries of Liberty Ranch are wholly
within the existing boundaries of the District and Liberty Ranch is deemed an "overlapping
district" pursuant to Sec. 32-1-107, C.R.S. Liberty Ranch's Service Plan contemplates the
financing and construction of certain sanitary sewer system improvements as may be necessary
for providing sanitary sewer service to the Project, which will be dedicated to the District. The
sanitary sewer improvements to be provided by Liberty Ranch will not duplicate or interfere with
any other improvements or facilities already constructed or planned within or without the overlap
area. The Board of Directors of the District consents to Liberty Ranch district providing some of
the same services as limited by Liberty Ranch's Service Plan and further subject to the terms and
conditions of this Agreement. There is no current or planned duplication or interference of
services and the District's consent to the overlap was conditioned upon the Parties entering into
this Agreement upon the formation of Liberty Ranch. Accordingly, in consideration of the
mutual promises set forth in this Agreement, the Parties covenant and agree as follows:
3. TERMS OF CONSENT TO OVERLAP.
3.1 Sole Sanitation Provider. The District shall provide and otherwise make sanitary
sewer services available to Liberty Ranch's residents and property within their
boundaries subject to the then existing capacity, rules, and regulations of the District,
including the execution of applicable subdivision service agreements, and subject to any
limitations or restrictions imposed by any governmental entity or agency having
jurisdiction over the District. The District shall be the sole provider of sanitary sewer
services for residents and property within Liberty Ranch's boundaries. Liberty Ranch
shall not contract for or otherwise obtain any interconnections with any third party that
would allow users within the boundaries of Liberty Ranch to obtain such service from
any other sanitary sewer providers, or that would allow third parties outside of the
boundaries of Liberty Ranch to utilize the District's services. Nothing in this Agreement
shall be construed as an obligation by the District to reserve for the benefit of the
developers of the Project (or any individual property owner) any specific number of tap
connections absent such additional agreements.
(00032748.DOC v:2}
DRAFT
McGEADY SISNEROS, P.C.
3.2 Taps and Interconnections. Liberty Ranch is prohibited from selling any taps or
connections or from authorizing any interconnections or other connections with Liberty
Ranch. All sanitation users within Liberty Ranch shall purchase their taps from the
District.
3.3 Sanitation Treatment Plant. Liberty Ranch shall not construct, finance, or
otherwise provide for any sanitation treatment plant within or without Liberty Ranch's
boundaries. Liberty Ranch shall not agree to or otherwise enter into any contract with
any other sanitation provider or entity, other than the District, for the construction,
financing, or provision of a sanitation treatment plant.
3.4 Exercise of Service Plan Authority. Notwithstanding any provision in the Service
Plan to the contrary, Liberty Ranch shall only have the ability and authority to:
3.4.1 Construct and finance the sanitary sewer system improvements
contemplated by the Service Plan, which are to be located within the boundaries of
Liberty Ranch. All such infrastructure within the boundaries of Liberty Ranch which
may be constructed and financed by Liberty Ranch shall be conveyed to the District upon
completion and after approval and acceptance by the District pursuant to applicable
agreements to be executed between the parties.
3.4.2 Finance but not construct any off-site sanitary sewer transmission lines or
line extensions outside the boundaries of Liberty Ranch that may be needed in order for
the District to service the development within Liberty Ranch. Liberty Ranch or the
developer shall enter into such line participation or reimbursement agreements as may be
required for such off-site improvements.
3.5 Design Standards. The sanitary sewer system improvements contemplated herein
and in the Service Plan shall be designed, constructed, and installed in accordance with
the applicable standards, rules and regulations of the District.
3.6 Dedication, Acceptance, Operation, and Maintenance. Liberty Ranch shall
dedicate and convey the completed on-site sanitary sewer system improvements
contemplated herein and in the Service Plan to the District within thirty (30) days of
completion of construction of such infrastructure Upon acceptance of the sanitary sewer
system improvements, the District shall operate, maintain, repair, and/or replace the
improvements in order to provide sanitation services to the residents and properties
within the boundaries of Liberty Ranch. Liberty Ranch shall transfer to the District all
warranties, bonds, or other guarantees with respect to the construction of such
improvements. Liberty Ranch shall warrant, directly or indirectly, the construction of the
sanitary sewer system improvements for a period of no less than one year.
3.7 Liberty Ranch Dissolution. As contemplated in the Service Plan, when all of the
financial obligations issued by Liberty Ranch for the construction of the sanitary sewer
line improvements have been repaid, or when adequate provisions for payment thereof
(00032748.DOC v.21 2
DRAFT
McGEADY SISNEROS, P.C.
has been made, and there are no further operational requirements for any Liberty Ranch
improvement existing on the part of Liberty Ranch, Liberty Ranch shall notify the
District within sixty (60) days thereof requesting a meeting to discuss and implement the
steps necessary under then applicable law to dissolve Liberty Ranch.
3.8 Liberty Ranch Boundaries. The boundaries of Liberty Ranch shall not be
expanded without the written consent of the District. In the event of an expansion
without obtaining the written consent of the District, the District may petition the
— applicable administrative body or court for equitable or legal relief, including a boundary
adjustment, and Liberty Ranch shall indemnify and hold District harmless from any and
all attorneys fees it incurs in relation to such proceedings.
3.9 Service Plan Modifications. Liberty Ranch shall not modify its Service Plan and
shall not change its name or functions without the express written consent of the
District's Board of Directors, as expressed in a resolution, which consent shall not be
unreasonably withheld, conditioned or delayed for amendments not related to the District.
If Liberty Ranch makes a written request from the District to modify its Service Plan, the
District shall have forty-five (45) days from the effective date of such notice, as provided
in Section 5 herein, to either approve or disapprove the request. If the District has not
responded in writing by the end of the forty-five (45) days, consent to the amendment
shall be deemed to have been given.
4. NO WAIVER. The waiver or delay of enforcement of one or more terms of this
— Agreement shall not constitute a waiver of the remaining terms. The waiver or delay in
enforcement regarding any breach of this Agreement shall not constitute a waiver of any terms of
the Agreement.
5. NOTICE. All notices, certificates, or other communications hereunder shall be
sufficiently given and shall be deemed given when personally delivered in writing or by
facsimile, or mailed by registered or certified mail, postage prepaid, addressed as follows:
Liberty Ranch Metropolitan District
c/o McGeady Sisneros, P.C.
1675 Broadway, Suite 2100
Denver, CO 80202
St. Vrain Sanitation District
11307 Business Park Circle
— Longmont, CO 80504
Either party may change the address for notice by providing notice in writing to the address set
forth above. All notices, demands, requests or other communications shall be effective upon
such personal delivery or one (1)business day after being deposited with Federal Express or
other nationally recognized overnight air courier service or three (3) business days after deposit
in the United States mail. By giving the other party hereto at least ten(10) days' written notice
(00032748-DOC v:2} 3
DRAFT
McGEADY SISNEROS, P.C.
thereof in accordance with the provisions hereof, each of the Parties shall have the right from
time to time to change its address.
6. IMMUNITY. Nothing contained in this Agreement constitutes a waiver of either Party's
sovereign immunity under any applicable state law.
7. MODIFICATION OF AGREEMENT. Any modification of this Agreement shall be
binding only if evidenced in writing signed by each party.
8. ASSIGNMENT. No transfer or assignment of this Agreement or of any rights hereunder
shall be made by either Party without the prior written consent of the other, which consent shall
not be unreasonably withheld.
9. SEVERABILITY. In the event any court of competent jurisdiction shall hold any
provision of this Agreement invalid or unenforceable, such holding shall not invalidate or render
unenforceable any other provision hereof.
10. ENTIRE AGREEMENT. This Agreement contains the entire agreement of the parties
concerning the subject matter and supersedes all prior conversations, proposals, negotiations,
understandings, and agreements, whether written or oral.
11. ATTORNEYS' FEES. If any party breaches this Agreement, the breaching party shall
pay all of the non-breaching party's reasonable attorneys' fees and costs in enforcing this
Agreement whether or not legal proceedings are instituted.
12. GOVERNING LAW. This Agreement shall be governed by the laws of the State of
Colorado.
13. ALTERNATIVE DISPUTE RESOLUTION. In addition to the remedies set forth in
paragraph 3.8, in the event of any dispute or claim arising under, or related to, this Agreement,
the Parties shall use their best efforts to settle such dispute or claim through good faith
negotiations with each other. If such dispute or claim is not settled through negotiations within
thirty (30) days after the earliest date on which one party notifies the other party in writing of its
desire to attempt to resolve such dispute or claim through negotiations, then the parties agree to
attempt in good faith to settle such dispute or claim by mediation under the auspices of a
— recognized establish mediation service within the State of Colorado. Such mediation shall be
conducted within sixty (60) days following either party's written request therefor. If such
dispute or claim is not settled through mediation, then either party may initiate a civil action in
the District Court for Weld County, or before the County Commissioners of Weld County, and
the prevailing party shall be indemnify and hold harmless the other party form any costs and
expenses, including attorneys fees, incurred in such legal proceedings.
14. DATED. , 2004
00032748.DOC v:2} 4
DRAFT
McGEADY SISNEROS, P.C.
ATTEST: LIBERTY RANCH METROPOLITAN DISTRICT
By: By:
Secretary Chairman
ATTEST: ST. VRAIN SANITATION DISTRICT
By: By:
Secretary Chairman
X00032748.DOC v.21 5
EXHIBIT J
Draft Intergovernmental Agreement with Longs Peak Water District
{00027987.DOC v:8}
DRAFT
MCGEADY SISNEROS, P.C.
INTERGOVERNMENTAL AGREEMENT
BETWEEN
LIBERTY RANCH METROPOLITAN DISTRICT
AND
LONGS PEAK WATER DISTRICT
_ 1. PARTIES. The Parties to this Agreement are the LIBERTY RANCH
METROPOLITAN DISTRICT (Liberty Ranch) and the LONGS PEAK WATER
DISTRICT (District).
2. RECITALS. Liberty Ranch was organized in order to provide public improvements to
serve the Centex Liberty Ranch development (the Project) located within Liberty Ranch's
boundaries as contemplated in its Service Plan. As a Title 32 special district, the District
provides water services and facilities. The boundaries of Liberty Ranch are wholly within the
existing boundaries of the District and Liberty Ranch is deemed an "overlapping district"
pursuant to Sec. 32-1-107, C.R.S. Liberty Ranch's Service Plan contemplates the provision of
certain limited water system improvements as may be deemed necessary for the demands of the
Project, which are subject to dedication to the District. The water system improvements to be
provided by Liberty Ranch will not duplicate or interfere with any other improvements or
facilities already constructed or planned within or without the overlap area. The Board of
Directors of the District consents to Liberty Ranch providing some of the same services as
limited by Liberty Ranch's Service Plan and further subject to the terms and conditions of this
Agreement. There is no current or planned duplication or interference of services and the.
District's consent to the overlap was conditioned upon the Parties entering into this Agreement
upon the formation of Liberty Ranch. Accordingly, in consideration of the mutual promises set
forth in this Agreement, the Parties covenant and agree as follows:
3. TERMS.
3.1 Sole Water Provider. The District will provide and otherwise make potable water
services available to Liberty Ranch's residents and property within its boundaries subject
to the then existing capacity, rules and regulations of the District, including the execution
of applicable subdivision service agreements, including a dual-system agreement
regarding the use of non-potable water for irrigation purposes, and shall be subject to any
limitations or restrictions imposed by any governmental entity or agency having
jurisdiction over the District or having control of its water supply. The District shall be
the sole provider of potable water services for residents and property within Liberty
Ranch's boundaries. Relative to water services, Liberty Ranch shall not contract for or
otherwise obtain any interconnections with any third party that would allow either the
end users within the boundaries of Liberty Ranch to obtain such service from any other
water providers, or third parties to utilize the District's water outside of the boundaries of
Liberty Ranch. Nothing in this Agreement shall be construed as an obligation by the
District to reserve for the benefit of the developers of the Project (or any individual
00029002.DOC v:2 1
DRAFT
MCGEADY SISNEROS, P.C.
property owner) any specific number of water taps absent such additional agreement(s).
Liberty Ranch agrees that it will not use potable water supplied by the District for
irrigation purposes.
3.2 Water Taps. Liberty Ranch is prohibited from selling any water taps. All water
users within Liberty Ranch shall purchase their water taps from the District.
3.3 Water Treatment Plant. Liberty Ranch shall not construct, finance, or otherwise
provide for any water treatment plant within or without Liberty Ranch's boundaries.
Liberty Ranch shall not agree to or otherwise enter into any contract with any other water
provider or entity, other than the District, for the construction, financing, or provision of a
water treatment plant.
3.4 Exercise of Service Plan Authority. Liberty Ranch has the ability and authority to
construct and finance the water system improvements contemplated by the Service Plan,
which are to be located within its boundaries and any extensions needed in order to
service the development within Liberty Ranch by the District. Liberty Ranch's authority
described in this Paragraph 3.4 is restricted to financing water system improvements that
are to be located outside of Liberty Ranch's boundaries to those water system
improvements that are necessary for connection to the District's lines to service the
development within Liberty Ranch. Liberty Ranch and/or the developer shall be solely
responsible for all of the costs and expenses of such facilities, both on-site and off-site;
provided, however, that the District may enter into a line-participation and
reimbursement agreement or agreements regarding the contribution from other potential
users with respect to the costs of the off-site improvements.
3.5 Design Standards. The water system improvements contemplated herein and in
the Service Plan shall be designed, constructed and installed in accordance with all
applicable standards of the District, and, if required by the applicable jurisdiction, shall
further satisfy applicable fire protection requirements.
3.6 Dedication, Acceptance, Operation, and Maintenance. Liberty Ranch shall
dedicate and convey the completed water system improvements contemplated herein and
in the Service Plan to the District within thirty(30) days of completion. Upon acceptance
of the water system improvements, the District shall operate, maintain, repair, and/or
— replace the improvements in order to provide water services to the residents and
properties within the boundaries of Liberty Ranch. Liberty Ranch shall transfer to the
District all warranties, bonds, or other guarantees with respect to the construction of such
improvements. Liberty Ranch shall warrant, directly or indirectly, the construction of the
water system improvements for a period of no less than one year.
3.7 Liberty Ranch Dissolution. As contemplated in the Service Plan, when all of the
financial obligations issued by Liberty Ranch for the construction of the water line
improvements have been repaid, or when adequate provisions for payment thereof has
been made, and there are no further operational requirements for any Liberty Ranch
00029002.DOC v:2} 2
DRAFT
MCGEADY SISNEROS, P.C.
improvement existing on the part of Liberty Ranch, Liberty Ranch shall notify the
District within sixty(60) days thereof requesting a meeting to discuss and implement the
steps necessary under then applicable law to dissolve Liberty Ranch.
3.8 Liberty Ranch Boundaries. The boundaries of Liberty Ranch shall not be
expanded without the written consent of the District. In the event of an expansion
without obtaining the written consent of the District, the District may petition the
applicable administrative body or court for a boundary adjustment, and Liberty Ranch
shall indemnify and hold District harmless from any and all attorneys fees it incurs in
relation to such proceedings.
3.9 Service Plan Modifications. Liberty Ranch shall not modify its Service Plan and
shall not change its name or functions without the express written consent of the
District's Board of Directors, as expressed in a resolution, which consent shall not be
unreasonably withheld, conditioned or delayed for amendments not related to the District.
If Liberty Ranch makes a written request from the District to modify its Service Plan, the
District shall have forty-five (45) days from the effective date of such notice, as provided
in Section 5 herein, to either approve or disapprove the request. If the District has not
responded in writing by the end of the forty-five (45) days, consent to the amendment
shall be deemed to have been given.
4. DEFAULT AND REMEDIES. In addition to the remedies set forth in paragraph 18, in
the event either Party alleges that the other is in default of this Agreement, the non-defaulting
party shall first notify the defaulting party in writing of such default and specify the exact nature
of the default in such notice. The defaulting party shall have twenty (20) working days from
receipt of such notice within which to cure such default before the non-defaulting party may
exercise any of its remedies provided hereunder; provided that:
4.1 Such default is capable of being cured;
4.2 The defaulting party has commenced such cure within said twenty (20) day
period; and
4.3 The defaulting party diligently prosecutes such cure to completion.
If such default is not of a nature than can be cured in such twenty (20) day period, corrective
action must be commenced within such period by the defaulting party and thereafter diligently
pursued. Upon default, the non-defaulting party shall have the right to take whatever action at
law or in equity appears necessary or desirable to enforce the performance and observation of
any obligation, agreement, or covenant of the defaulting party under this Agreement, and the
defaulting party shall indemnify and hold the non-defaulting party harmless from any costs and
expenses, including attorneys fees, incurred in enforcing this Agreement
5. NO WAIVER. The waiver or delay of enforcement of one or more terms of this
Agreement shall not constitute a waiver of the remaining teens. The waiver or delay in
{00029002.DOC v2} 3
DRAFT
MCGEADY SISNEROS, P.C.
enforcement regarding any breach of this Agreement shall not constitute a waiver of any terms of
the Agreement.
6. NOTICE. All notices, certificates, or other communications hereunder shall be
sufficiently given and shall be deemed given when personally delivered in writing or by
facsimile, or mailed by registered or certified mail, postage prepaid, addressed as follows:
Liberty Ranch Metropolitan District
c/o McGeady Sisneros, P.C.
1675 Broadway, Suite 2100
Denver, CO 80202
LONGS PEAK WATER DISTRICT
9875 Vermillion Road
Longmont, CO 80501-9738
Either party may change the address for notice by providing notice in writing to the address set
forth above. All notices, demands, requests or other communications shall be effective upon
such personal delivery or one (1) business day after being deposited with Federal Express or
other nationally recognized overnight air courier service or three (3) business days after deposit
in the United States mail. By giving the other party hereto at least ten(10) days' written notice
thereof in accordance with the provisions hereof, each of the Parties shall have the right from
time to time to change its address.
7. IMMUNITY. Nothing contained in this Agreement constitutes a waiver of either Party's
sovereign immunity under any applicable state law.
8. MODIFICATION OF AGREEMENT. Any modification of this Agreement shall be
binding only if evidenced in writing signed by each party.
9. ASSIGNMENT. No transfer or assignment of this Agreement or of any rights hereunder
shall be made by either Party without the prior written consent of the other, which consent shall
not be unreasonably withheld.
10. SEVERABILITY. In the event any court of competent jurisdiction shall hold any
provision of this Agreement invalid or unenforceable, such holding shall not invalidate or render
unenforceable any other provision hereof.
11. ENTIRE AGREEMENT. This Agreement contains the entire agreement of the parties
concerning the subject matter and supercedes all prior conversations, proposals, negotiations,
understandings, and agreements, whether written or oral.
12. ATTORNEYS' FEES. If any party breaches this Agreement, the breaching party shall
pay all of the non-breaching party's reasonable attorneys' fees and costs in enforcing this
Agreement whether or not legal proceedings are instituted.
}00029002.DOC v:2f 4
DRAFT
MCGEADY SISNEROS, P.C.
13. GOVERNING LAW. This Agreement shall be governed by the laws of the State of
Colorado.
14. ALETERNATE DISPUTE RESOLUTION. In the event of any dispute or claim
arising under or related to this Agreement, the Parties shall use their best efforts to settle such
dispute or claim through good faith negotiations with each other. If such dispute or claim is not
settled through negotiations within thirty (30) days after the earliest date on which one party
notifies the other party in writing of its desire to attempt to resolve such dispute or claim through
negotiations, then the parties agree to attempt in good faith to settle such dispute or claim by
mediation under the auspices of a recognized establish mediation service within the State of
Colorado. Such mediation shall be conducted within sixty (60) days following either party's
written request therefor. If such dispute or claim is not settled through mediation, then either
party may initiate a civil action in the District Court for Weld County.
15. DATED. , 200_.
ATTEST: LIBERTY RANCH METROPOLITAN DISTRICT
By: By:
Secretary Chairman
ATTEST: LONGS PEAK WATER DISTRICT
By: By:
Secretary Chairman
00029002.Doc v:2} 5
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