21-64 Second Amended and Restated Service Plan Cottonwood Hollow Residential Metro District 05-26-2021
SECOND AMENDED AND RESTATED SERVICE PLAN
FOR
COTTONWOOD HOLLOW RESIDENTIAL METROPOLITAN
DISTRICT
TOWN OF FIRESTONE, COLORADO
Prepared
By
White Bear Ankele Tanaka & Waldron
2154 East Commons Avenue, Suite 2000
Centennial, CO 80122
Approval Date:
May 26, 2021
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TABLE OF CONTENTS
I. INTRODUCTION........................................................................................................... 1
A. Purpose and Intent................................................................................................. 1
B. Need for the District.............................................................................................. 1
C. Objective of the Town Regarding the Service Plan. ............................................. 1
D. Consultants. ........................................................................................................... 2
II. DEFINITIONS ................................................................................................................ 2
III. BOUNDARIES ................................................................................................................ 5
IV. PROPOSED LAND USE, PROJECTED POPULATION PROJECTIONS AND
CURRENT ASSESSED VALUATION ........................................................................ 5
V. DESCRIPTION OF PROPOSED POWERS, IMPROVEMENTS AND SERVICES
........................................................................................................................................... 6
A. Powers of the District and Service Plan Amendment. .......................................... 6
B. Preliminary Engineering Survey. ........................................................................ 10
C. Multiple District Structure. ................................................................................. 11
VI. REGIONAL IMPROVEMENTS ................................................................................ 11
VII. FINANCIAL PROVISIONS ........................................................................................ 11
A. General. ............................................................................................................... 11
B. Maximum Voted Interest Rate and Maximum Underwriting Discount. ............ 12
C. Mill Levies. ......................................................................................................... 12
D. Debt Parameters. ................................................................................................. 13
E. Debt Instrument Disclosure Requirement. .......................................................... 13
F. Privately Placed Debt Limitation. ....................................................................... 14
G. TABOR Compliance. .......................................................................................... 14
H. District’s Organizational Costs and Operation and Maintenance Costs. ............ 14
VIII. ANNUAL REPORT ...................................................................................................... 15
A. General. ............................................................................................................... 15
B. Reporting of Significant Events. ......................................................................... 15
IX. DISSOLUTION ............................................................................................................. 15
X. DISCLOSURE NOTICES............................................................................................ 16
XI. INTERGOVERNMENTAL AGREEMENT.............................................................. 16
XII. NON-COMPLIANCE WITH SERVICE PLAN........................................................ 17
XIII. CONCLUSION ............................................................................................................. 17
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LIST OF EXHIBITS
EXHIBIT A Vicinity Map
EXHIBIT B Initial Boundary Map and Legal Description
EXHIBIT C Inclusion Area Boundary Map and Legal Description
EXHIBIT D Financial Plan
EXHIBIT E Capital Plan - List of Public Improvements
EXHIBIT F Disclosure Notice
EXHIBIT G Intergovernmental Agreement
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I. INTRODUCTION
A. Purpose and Intent.
The District is an independent unit of local government, separate and distinct from the
Town. The primary purpose of the District will be to finance the construction of the Public
Improvements. The District will provide ongoing operation and maintenance services as
specifically set forth in this Service Plan and in the Intergovernmental Agreement between the
Town and the District.
This Service Plan is intended to accommodate the phasing of the Project and the
infrastructure needs of each phase. It is contemplated that the District may cooperate with the
Cottonwood Hollow Commercial Metropolitan District on certain infrastructure that benefits the
taxpayers and inhabitants of the Service Area, but that the District will have its own particular
infrastructure needs. This Service Plan, including all exhibits hereto, supersedes all prior service
plans and service plan amendments.
B. Need for the District.
There were not at the time of formation of the District nor are there currently other
governmental entities, including the Town, located in the immediate vicinity of the District that
consider it desirable, feasible or practical to undertake the planning, design, acquisition,
construction, installation, relocation, redevelopment, and financing of the Public Improvements
needed for the Project. The District is therefore necessary in order for the Public Improvements
required for the Project to be provided in the most economic manner possible.
C. Objective of the Town Regarding the Service Plan.
The Town’s objective in approving the Service Plan for the District is to authorize the
District to provide for the planning, design, acquisition, construction, installation, relocation and
redevelopment of the Public Improvements from the proceeds of Debt to be issued by the District.
All Debt is expected to be repaid by taxes imposed and collected at a mill levy no higher than the
Maximum Debt Mill Levy, as the same may be increased as set forth in Section VII.C.1; by Fees
as limited by Section V.A.20; and/or by Special Assessments as set forth in Section V.A.21.
This Service Plan is intended to establish a limited purpose for the District and explicit
financial constraints that are not to be violated under any circumstances. The primary purpose of
the District is to provide the Public Improvements associated with development pursuant to the
Approved Development Plan.
The District shall dissolve upon payment or defeasance of all Debt incurred or upon a court
determination that adequate provision has been made for the payment of all Debt, except that if
the District has ongoing operation and maintenance functions, the District shall not be required to
dissolve. Additionally, if the Board of Directors of the District determines that the existence of the
District is no longer necessary to accomplish the purposes set forth in this Service Plan, the Board
of Directors of the District shall promptly effectuate the dissolution of the District.
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The District is authorized to finance the Public Improvements that can be funded from Debt
which is to be repaid from Fees, Special Assessments or tax revenues collected from a mill levy
which shall not exceed the Maximum Debt Mill Levy, as well as other legally available sources of
revenue, and to maintain certain of the Public Improvements as set forth in this Service Plan and
the Intergovernmental Agreement with the Town. It is the intent of this Service Plan to assure to
the extent possible that no property bear an economic burden that is greater than that associated
with revenues from the Maximum Debt Mill Levy, the Maximum Operation and Maintenance Mill
Levy, Fees, and Special Assessments, even under bankruptcy or other unusual situations.
Generally, the costs of Public Improvements that cannot be funded within these parameters are not
costs to be paid by the District.
D. Consultants.
This Service Plan has been prepared by the following:
District Counsel
White Bear Ankele Tanaka & Waldron
2154 East Commons Avenue, Suite 2000
Centennial, CO 80122
cwaldron@wbapc.com
Underwriter
Piper Sandler & Co.
1200 17th Street, Suite 1250
Denver, CO 80202
Shelby.Turner@psc.com
II. DEFINITIONS
In this Service Plan, the following terms shall have the meanings indicated below, unless
the context hereof clearly requires otherwise:
Approved Development Plan: means a development plan, subdivision development agreement or
other land use application process established by the Town for the Project as approved in its final
form by the Town pursuant to the Town Code, as may be amended from time to time pursuant to
the Town Code, that identifies, among other things, the Public Improvements necessary for
facilitating development of property within the Service Area.
Board: means the board of directors of the District.
Capital Plan: means the Capital Plan described in Section V.B. which includes: (a) a list of the
Public Improvements to be financed by the District; (b) an engineer’s estimate of the cost of the
Public Improvements; and (c) a pro forma capital expenditure plan correlating expenditures with
development.
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C.R.S.: means the Colorado Revised Statutes, as the same may be amended from time to time.
Debt: means bonds, notes, debentures, certificates, capital leases or other multiple fiscal year
obligations for the payment of which the District has promised to impose an ad valorem property
tax mill levy.
District: means Cottonwood Hollow Residential Metropolitan District.
Districts: means the District and Cottonwood Hollow Commercial Metropolitan District,
collectively.
District Boundaries: means the property within the Initial Boundaries, together with any portion
of the property within the Inclusion Area Boundaries that may be included from time to time
pursuant to Section 32-1-401 C.R.S.
End User: means any owner, or tenant of any owner, of any taxable improvement within the
District who is intended to become burdened by the imposition of ad valorem property taxes
subject to the Maximum Debt Mill Levy. By way of illustration, a resident homeowner, renter,
commercial property owner, or commercial tenant is an End User. A person or entity that
constructs homes or commercial structures with the intention of selling to others is not an End
User.
External Financial Advisor: means a consultant that: (i) advises Colorado governmental entities
on matters relating to the issuance of securities by Colorado governmental entities, including
matters such as the pricing, sales and marketing of such securities and the procuring of bond
ratings, credit enhancement and insurance in respect of such securities; (ii) shall be an underwriter,
investment banker, or individual listed as a public finance advisor in the Bond Buyer’s Municipal
Market Place; and (iii) is not an officer or employee of the District and has not been otherwise
engaged to provide services in connection with the transaction related to the applicable Debt. If
the District has engaged a municipal adviser that meets the foregoing criteria and has a fiduciary
duty to the District, the municipal adviser may fill the role of the External Financial Advisor.
Fees: means any fee, rate, toll, penalty or charge imposed or received by the District for services,
programs or facilities provided by the District, as described in Section V.A.20 below.
Financial Plan: means the Financial Plan described in Section VII and attached as Exhibit D which
describes (i) how the Public Improvements are expected to be financed; (ii) how the Debt is
expected to be incurred; and (iii) the estimated operating revenue derived from property taxes for
the first budget year.
Inclusion Area Boundaries: means the boundaries of the area proposed for inclusion within the
boundaries of the District, described in the Inclusion Area Boundary Map and Legal Description
attached hereto as Exhibit C, which proposed area is contained within the Project as outlined in
the Approved Development Plan.
Initial Boundaries: means the boundaries of the District’s area described in the Initial Boundary
Map and Legal Description, attached hereto as Exhibit B.
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Intergovernmental Agreement: means the intergovernmental agreement between the District and
the Town, a form of which is attached hereto as Exhibit G. The Intergovernmental Agreement
may be amended from time to time by the District and the Town.
Maximum Debt Mill Levy: means the maximum mill levy the District is permitted to impose for
payment of Debt as set forth in Section VII.C.1 below.
Maximum Debt Mill Levy Imposition Term: means the period of time, commencing upon the date
of initial imposition of a Debt mill levy to pay any Debt, in which the District’s Debt mill levy
may be imposed.
Maximum Operation and Maintenance Mill Levy: means the maximum mill levy the District is
permitted to impose for payment of Operation and Maintenance Costs, as set forth in Section
VII.C.2 below.
Mill Levy Adjustment: means, if, on or after January 1, 2021, there are changes in the method of
calculating assessed valuation or any constitutionally mandated tax credit, cut or abatement, the
Maximum Debt Mill Levy and the Maximum Operation and Maintenance Mill Levy may be
increased or decreased to reflect such changes, such increases and 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 revenues generated by the applicable mill levy, as adjusted for changes occurring on
or after January 1, 2021, are neither diminished nor enhanced as a result of such changes. For
purposes of the foregoing, a change in the ratio of actual valuation shall be deemed to be a change
in the method of calculating assessed valuation.
Operation and Maintenance Costs: means (1) planning and design costs of Public Improvements
identified by the District as being payable from its operation and maintenance mill levy; (2) the
costs of repair, replacement and depreciation of the Public Improvements; (3) the costs of any
covenant enforcement and design review services, or other services, programs and facilities the
District may provide; and (4) the costs of ongoing administrative, accounting and legal services to
the District.
Organizational Costs: means the estimated initial cost of engineering services, legal services and
administrative services, together with the estimated costs of the District’s organization and initial
operations, as set forth in Section VII.H below, which Organizational Costs are eligible for
reimbursement out of Debt proceeds.
Project: means the development or property commonly referred to as Cottonwood Hollow.
Public Improvements: means a part or all of the improvements authorized to be planned, designed,
acquired, constructed, installed, relocated, redeveloped and financed by the District as generally
described in the Special District Act and in accordance with the Approved Development Plan,
except as specifically limited in Section V below, which improvements benefit the property within
the Project, the District Boundaries and/or the Service Area, and which improvements will serve
the future taxpayers and inhabitants of the property within the Project, the District Boundaries
and/or the Service Area, as determined by the Board of the District.
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Service Area: means the Initial Boundaries and the Inclusion Area Boundaries.
Service Plan: means this Second Amended and Restated Service Plan for the District approved by
Town Board.
Service Plan Amendment: means an amendment to the Service Plan approved by Town Board in
accordance with the Town’s ordinance and the applicable state law.
Special Assessment: means the levy of an assessment within the boundaries of a special
improvement district pursuant to Section V.A.21 below.
Special District Act: means Title 32, Article 1 of the Colorado Revised Statutes, as amended from
time to time.
State: means the State of Colorado.
Taxable Property: means real or personal property which is subject to ad valorem taxes imposed
by the District.
Town: means the Town of Firestone, Colorado.
Town Board: means the Town Board of Trustees of the Town of Firestone, Colorado.
Town Code: means the Town Code of the Town of Firestone, Colorado.
Total Debt Limit: means Fifty-Five Million Dollars ($55,000,000.00) which Total Debt Limit
includes all Debt issued by the District for Public Improvements.
III. BOUNDARIES
A Vicinity Map depicting the Project is attached hereto as Exhibit A. The area of the Initial
Boundaries includes approximately 119.59 acres, and the legal description and map of the Initial
Boundaries are set forth in Exhibit B. The Inclusion Area Boundary Map and Legal Description,
depicting the property which may be included within the District, is attached hereto 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 Section 32-1-401, C.R.S., and Section 32-1-501, C.R.S.,
subject to the limitations set forth in Section V below.
IV. PROPOSED LAND USE, PROJECTED POPULATION PROJECTIONS
AND CURRENT ASSESSED VALUATION
The property within the Service Area consists of approximately 217 acres of land, currently
undeveloped but with an Approved Development Plan. The population of the Service Area at
build-out is estimated to be approximately 2,663 people. The current assessed valuation of the
property within the Service Area is Twenty-Four Million Eight Hundred Fifty Thousand Nine
Hundred Twenty Dollars ($24,850,920) for purposes of this Service Plan, and the assessed value
of the property within the Service Area at build-out is expected to be sufficient to reasonably
discharge the Debt under the Financial Plan attached hereto as Exhibit D.
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Approval of this Service Plan by the Town does not imply approval of the development of
a specific area within the Service Area, nor does it imply approval of the number of residential
units or the total site/floor area of commercial or industrial buildings identified in this Service Plan
or any of the exhibits attached thereto, which approvals shall be as set forth in an Approved
Development Plan.
Approval of this Service Plan by the Town in no way releases or relieves the developer of
the Project, or the developer, landowner or subdivider of any property within the Service Area, or
any of their respective successors or assigns, of obligations to construct public improvements for
the Project or of obligations to provide to the Town such financial guarantees as may be required
by the Town to ensure the completion of the Public Improvements, or of any other obligations to
the Town under the applicable Approved Development Plan, the Town Code or any applicable
annexation agreement, subdivision agreement, or other agreements affecting the Project property
or development thereof.
V. DESCRIPTION OF PROPOSED POWERS, IMPROVEMENTS AND
SERVICES
A. Powers of the District and Service Plan Amendment.
The District has the power and authority to provide the Public Improvements and related
operation and maintenance services as such power and authority are described in the Special
District Act and other applicable statutes, common law, and the Constitution, subject to the
limitations set forth herein, in the Approved Development Plan, and in the Intergovernmental
Agreement.
1. Operation and Maintenance Limitation. The purpose of the District
is to plan for, design, acquire, construct, install, relocate, redevelop and finance the Public
Improvements. The District shall dedicate the Public Improvements to the Town or other
appropriate jurisdiction in a manner consistent with the Approved Development Plan, the
Intergovernmental Agreement, and other rules and regulations of the Town and applicable
provisions of the Town Code. The District is authorized, but not obligated, to own, operate and
maintain Public Improvements not otherwise required to be dedicated to the Town or other public
entity, including, but not limited to street improvements (including roads, curbs, gutters, culverts,
sidewalks, bridges, parking facilities, paving, lighting, grading, landscaping, and other street
improvements), traffic and safety controls, retaining walls, park and recreation improvements and
facilities, trails, open space, landscaping, drainage improvements (including detention and
retention ponds, trickle channels, and other drainage facilities), irrigation system improvements
(including wells, pumps, storage facilities, and distribution facilities), and all necessary equipment
and appurtenances incident thereto. Notwithstanding the foregoing, all parks, trails and open space
not otherwise dedicated to the Town and owned by the District shall be open to the general public
free of charge. The District may provide covenant enforcement, design review services and other
services to the residents, owners and taxpayers within the District pursuant to and in accordance
with § 32-1-1004(8) C.R.S. The District may impose a mill levy, Special Assessments and/or Fees
to pay for Operation and Maintenance Costs in accordance with this Service Plan and the
Intergovernmental Agreement.
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2. Fire Protection Limitation. The District shall not be authorized to
plan for, design, acquire, construct, install, relocate, redevelop, finance, operate or maintain fire
protection facilities or services, unless such facilities and services are provided pursuant to an
intergovernmental agreement with the Town and the Firestone Fire Protection District. The
authority to plan for, design, acquire, construct, install, relocate, redevelop or finance fire hydrants
and related improvements installed as part of the water system shall not be limited by this
provision.
3. Television Relay and Translation Limitation; Mosquito Control, and
Other Limitations. Unless such facilities and services are provided pursuant to the
Intergovernmental Agreement, the District shall not be authorized to plan for, design, acquire,
construct, install, relocate, redevelop, finance, operate, maintain, or provide: (a) any television
relay and translation facilities and services, other than for the installation of conduit as a part of a
street construction project; (b) any mosquito control facilities and services; and (c) any solid waste
disposal, collection and transportation facilities and services.
4. Limitation on Extraterritorial Service. The District shall be
authorized to provide services or facilities outside the Initial District Boundaries or to establish
fees, rates, tolls, penalties or charges for any services or facilities only in accordance with an
Approved Development Plan, the Intergovernmental Agreement, or other agreement to which the
Town is a party or otherwise gives its written consent, as evidenced by resolution of the Town
Board of Trustees.
5. Telecommunication Facilities. The District agrees that no
telecommunication facilities shall be constructed except pursuant to the Intergovernmental
Agreement and that no such facilities owned, operated or otherwise allowed by the District shall
affect the ability of the Town to expand its public safety telecommunication facilities or impair
existing telecommunication facilities.
6. Construction Standards Limitation. The District will ensure that the
Public Improvements constructed by the District are designed and constructed in accordance with
the standards and specifications of the Town and of other governmental entities having proper
jurisdiction. The District will obtain the approval of civil engineering plans from the appropriate
jurisdiction and will obtain applicable permits for construction and installation of Public
Improvements prior to performing such work.
7. Zoning and Land Use Requirements. The District shall be subject to
all of the Town’s zoning, subdivision, building code and other land use requirements.
8. Growth Limitations. The Town shall not be limited in implementing
Board or voter approved growth limitations, even though such actions may reduce or delay
development within the District and the realization of District revenue.
9. Conveyance. The District agrees to convey to the Town, upon
written notification from the Town and at no cost to the Town, any interest in real property owned
by the District that is necessary, in the Town's sole discretion, for any Town capital improvement
projects for transportation, utilities or drainage, so long as such conveyance does not interfere with
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the District’s ability to construct, operate and/or maintain Public Infrastructure, as the same may
be limited by this Service Plan.
10. Eminent Domain. The District shall not be authorized to exercise,
nor shall it use the power of eminent domain, except as otherwise provided pursuant to an
intergovernmental agreement with the Town.
11. Water Rights/Resources Limitation. The District shall not acquire,
own, manage, adjudicate or develop potable water rights or resources except for the sole purpose
of transferring such water rights to the Town or to another governmental entity at the direction of
the Town. The District may be permitted to construct, finance, operate and maintain a non- potable
water system for the development and may be permitted to own, manage, adjudicate and develop
the non-potable water rights which will be used in such non-potable system, only if required or
authorized by an intergovernmental agreement with the Town, separate and distinct from the
Intergovernmental Agreement.
12. Inclusion Limitation. Without prior written notice to the Town, the
District shall not include into its boundaries any property except the property within the Inclusion
Area Boundaries. No property will be included within the District at any time unless such property
has been annexed into the Town’s corporate limits. No property in the Inclusion Area shall be
included into the District unless, if necessary, a concurrent exclusion from Cottonwood Hollow
Commercial Metropolitan District is also processed. It is the intent of this provision that property
within the Service Area be included only within one of the Districts.
13. Exclusion Limitation. The District may exclude from its boundaries
any property within the District Boundaries so long as the excluded property is concurrently
included into the Cottonwood Hollow Commercial Metropolitan District. Any other exclusion
shall require the prior written notice to and approval by the Town. No District shall exclude from
its boundaries property upon which a Debt mill levy has been imposed for the purpose of the
inclusion of such property into another district that has been or will be formed under the Special
District Act, without the prior written consent of the Town, as evidenced by resolution of the Town
Board of Trustees.
14. Overlap Limitation. The boundaries of the District shall not overlap
with the Cottonwood Hollow Commercial Metropolitan District if such overlap will cause the
District’s mill levy to exceed the Maximum Debt Mill Levy or the Maximum Operation and
Maintenance Mill Levy.
15. Total Debt Issuance Limitation. The District shall not issue Debt in
excess of the Total Debt Limit. The Total Debt Limit shall not be applicable to refunding or
refinancing of Debt authorized to be issued pursuant to the Service Plan. At no time during its
existence shall the District have Debt outstanding in excess of the Total Debt Limit.
16. Sales and Use Tax. The District shall not exercise its Town sales and
use tax exemption.
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17. Monies from Other Governmental Sources. The District shall not
apply for or accept Conservation Trust Funds, Great Outdoors Colorado Funds, or other funds
available from or through governmental or non-profit entities that the Town is eligible to apply
for, except pursuant to the Intergovernmental Agreement. This Section shall not apply to specific
ownership taxes which shall be distributed to and be a revenue source for the District without any
limitation.
18. Consolidation Limitation. No District shall file a request with any
Court to consolidate with another Title 32 district without the prior written consent of the Town,
as evidenced by resolution of the Town Board of Trustees.
19. Subdistrict Limitation. No District shall create any subdistrict
pursuant to Section 32-1-1101, C.R.S. without the prior written consent of the Town, as evidenced
by resolution of the Town Board of Trustees.
20. Fees. If authorized by the Intergovernmental Agreement, the District
may impose and collect Fees for services, programs or facilities furnished by the District, and may
from time to time increase or decrease such fees, and may use the revenue from such fees for the
repayment of Debt, capital costs, or Operation and Maintenance Costs and for the payment of any
indebtedness of the District.
21. Special Assessments. If authorized in the Intergovernmental
Agreement, the District may establish one or more special improvement districts within its District
Boundaries and may levy a Special Assessment with the special improvement district in order to
finance all or part of the costs of any Public Improvements to be constructed or installed that the
District is authorized to finance.
22. Revenue Bonds Limitation. Revenue Bonds are bonds payable in
whole or in part from revenues other than the District’s property and specific ownership taxes.
Revenue Bonds do not include bonds issued by one of the Districts to which the other one of the
Districts has pledged its property and/or specific ownership taxes. Prior to issuing any revenue
bonds, the District shall submit all relevant details of such issuance to the Town Board of Trustees,
which may elect to treat the issuance of the revenue bonds as a material modification of the Service
Plan. If it is determined by the Board of Trustees that the issuance of revenue bonds constitutes a
material modification of the Service Plan, the District shall proceed to amend the Service Plan in
accordance with Section 32-1-207, C.R.S. prior to issuing any revenue bonds. If it is determined
by the Board of Trustees that such issuance does not constitute a material modification of the
Service Plan, the Board of Trustees may issue a resolution to that effect, after receipt of which the
District may proceed with such issuance without need for approval of a material modification of
the Service Plan. The Town Board shall make its determination in writing to the District within
ten (10) business days after submittal of the information by the District, unless the Town and
District mutually agree to a different date. Failure of the Town timely to provide a determination
shall be deemed consent to the issuance of the revenue bonds.
23. Public Improvement Fee and Sales Tax Limitation. The District
shall not impose, collect, receive, spend or pledge to any Debt any fee, assessment, tax or charge
which is collected by a retailer in the District on the sale of goods or services by such retailer and
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which is measured by the sales price of such goods or services, except as provided pursuant to an
agreement with the Town approved by the Town Board.
24. Bankruptcy Limitation. All of the limitations contained in this
Service Plan, including, but not limited to, those pertaining to the Maximum Debt Mill Levy, the
Maximum Operation and Maintenance Mill Levy, and Fees have been established under the
authority of the Town to approve a Service Plan pursuant to Section 32-1-204.5, C.R.S. It is
expressly intended that such limitations.
a. Shall not be subject to set-aside for any reason or by any
court of competent jurisdiction, absent a Service Plan Amendment; and
b. Are, together with all other requirements of Colorado law,
included in the “political or governmental powers” reserved to the State under the U.S. Bankruptcy
Code (11 U.S.C.) Section 903, and are also included in the “regulatory or electoral approval
necessary under applicable nonbankruptcy law” as required for confirmation of a Chapter 9
Bankruptcy Plan under Bankruptcy Code Section 943(b)(6).
The filing of any bankruptcy petition by any District shall constitute, simultaneously with such
filing, a material departure of the express terms of this Service Plan, thus necessitating a material
modification that must be submitted to the Town for its consideration as a Service Plan
Amendment.
25. Reimbursement Agreement. If any District utilizes reimbursement
agreements to obtain reimbursements from third-party developers or adjacent landowners for costs
of improvements that benefit third-party landowners, such agreements shall be done in accordance
with Town Code. If a reimbursement agreement exists or is entered into for an improvement
financed by the District, any and all resulting reimbursements received for such improvement shall
be deposited in the District’s debt service fund and used for the purpose of retiring the District’s
debt.
26. Service Plan Amendment Requirement. This Service Plan has been
designed with sufficient flexibility to enable the District to provide required services and facilities
under evolving circumstances without the need for numerous amendments. Actions of any District
which violates the limitations set forth in V.A. above or in VII.C or VII.D shall be deemed to be
material modifications to this Service Plan and the Town shall be entitled to all remedies available
under State and local law to enjoin such actions of the District.
B. Preliminary Engineering Survey.
The District has the authority to provide for the planning, design, acquisition, construction,
installation, relocation, redevelopment, maintenance, and financing of the Public Improvements.
A Capital Plan, including: (1) a list of the Public Improvements to be developed by the District;
(2) an estimate of the cost of the Public Improvements, together with a letter from a Colorado
professional registered engineer certifying that such costs are reasonable in the engineer’s opinion
and that such estimates were prepared based upon Town construction standards; and (3) a pro
forma capital expenditure plan correlating expenditures with development is attached hereto as
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Exhibit E. The District shall be authorized to construct Public Improvements that shall be more
specifically defined in each applicable Approved Development Plan, the Intergovernmental
Agreement, or other agreement to which the Town is a party or otherwise gives its written consent,
as evidenced by resolution of the Town Board of Trustees. The estimated costs of the Public
Improvements which may be planned for, designed, acquired, constructed, installed, relocated,
redeveloped, maintained or financed was prepared based upon a preliminary engineering survey
and estimates derived from the zoning on the property in the property within the District and is
approximately Twenty-Eight Million Forty Thousand Three Hundred Twenty Six Dollars
($28,040,326).
All of the Public Improvements constructed by the District will be designed in such a way
as to assure that the Public Improvements standards will be compatible with those of the Town
and shall be in accordance with the requirements of the Approved Development Plan. All
construction cost estimates are based on the assumption that construction conforms to applicable
local, State or Federal requirements.
C. Multiple District Structure.
It is anticipated that the Districts, collectively, may undertake the financing and
construction of certain of the Public Improvements contemplated herein. Specifically, if the
Districts collectively undertake the financing and construction of Public Improvements, then the
Districts may enter into one or more intergovernmental agreements with each other that shall
govern the relationships between and among them with respect to the financing, construction and
operation of the Public Improvements. The Districts may establish a mechanism whereby any one
or both of the Districts may separately or collectively fund, construct, install and operate the Public
Improvements.
VI. REGIONAL IMPROVEMENTS
Intentionally omitted.
VII. FINANCIAL PROVISIONS
A. General.
The District is authorized to provide for the planning, design, acquisition, construction,
installation, relocation and/or redevelopment of the Public Improvements from its revenues and
by and through the proceeds of Debt to be issued by the District. The District may impose a mill
levy on taxable property within its boundaries as a primary source of revenue for repayment of
Debt and for Operations and Maintenance Costs. The District may also rely upon various other
revenue sources authorized by law. At the District’s discretion, these may include the power to
assess Fees as provided in Section 32-1-1001(l), C.R.S., as amended from time to time and as
limited by Section V.A.20 above, and the District may impose Special Assessments as provided
in Section 32-1-1101.7, C.R.S. and in accordance with Section V.A.21, above.
The Financial Plan for the District, which is attached hereto as Exhibit D, reflects that the
District will issue no more Debt than that District can reasonably expect to pay from revenues
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derived from the Maximum Debt Mill Levy, Fees, Special Assessments and other legally available
revenues. The District may issue such Debt on a schedule and in such year or years as the District
determines shall meet the needs of the Financial Plan referenced above and phased to serve
development as it occurs.
B. Maximum Voted Interest Rate and Maximum Underwriting Discount.
The interest rate on any Debt is expected to be the market rate at the time the Debt is issued.
In the event of a default, the proposed maximum interest rate on any Debt is not expected to exceed
eighteen percent (18%). The proposed maximum underwriting discount will be four percent (4%).
Debt, when issued, will comply with all relevant requirements of this Service Plan, State law and
Federal law as then applicable to the issuance of public securities.
C. Mill Levies.
1. The Maximum Debt Mill Levy, which shall be subject to a Mill
Levy Adjustment, shall be the maximum mill levy the District is permitted to impose upon the
taxable property within the District for payment of Debt, and shall be 55.664 mills for so long as
the total amount of aggregate Debt of the District exceeds fifty percent (50%) of the District’s
assessed valuation.
At such time as the total amount of aggregate Debt of the District is equal to or less than
fifty percent (50%) of the District’s assessed valuation, either on the date of issuance of any Debt
or at any time thereafter, the mill levy to be imposed to repay such portion of Debt shall not be
subject to the Maximum Debt Mill Levy and, as a result, the mill levy may by such amount as is
necessary to pay the Debt service on such Debt, without limitation of rate if either (i) End Users
cast the majority of affirmative votes taken by the District’s Board of Directors at the meeting
authorizing such action, or (ii) if End Users do not constitute a majority of the Board, a majority
of all of the then-current Board of Directors votes affirmatively at the meeting to authorize such
action, and, in either case, as a result the mill levy may be such amount as is necessary to pay the
debt service on such Debt; provided, however, that after any conversion to an unlimited mill levy,
the District shall not issue additional Debt that would cause the aggregate Debt to exceed 50% of
the District’s then assessed value. For the purposes of the foregoing, the Board may further provide
that such Debt shall remain secured by such increased mill levy, notwithstanding any subsequent
change in the District’s Debt to assessed value ratio.
2. The Maximum Operation and Maintenance Mill Levy, which shall
be subject to a Mill Levy Adjustment, shall be the maximum mill levy the District is permitted to
impose upon the taxable property within the District for payment of Operation and Maintenance
Costs, and shall be 65.734 mills until such time that the District issues Debt. After the District
issues Debt, the Maximum Operation and Maintenance Mill Levy shall be 10.070 mills, subject to
the Mill Levy Adjustment. The Maximum Operation and Maintenance Mill Levy shall apply to
the District’s ability to increase its mill levy as necessary for provision of operation and
maintenance services to its taxpayers and service users until such time as End Users cast the
majority of affirmative votes taken by the District’s Board of Directors at a meeting authorizing
an increase of such Maximum Operation and Maintenance Mill Levy, at which time the mill levy
may be such amount as is necessary to pay the Operation and Maintenance Cost.
13
D. Debt Parameters.
1. All Debt issued by the District must be issued in compliance with
the requirements of Section 32-1-1101, C.R.S. and all other requirements of State law. On or
before the effective date of approval of an Approved Development Plan by the Town, the District
shall not: (a) issue any Debt; (b) impose a mill levy for the payment of Debt by direct imposition
or by transfer of funds from the operating fund to the Debt service funds; (c) impose and collect
any Fees used for the purpose of repayment of Debt, or (d) levy any Special Assessments.
2. The District shall not pledge any revenue or property of the Town
as security for the indebtedness set forth in this Service Plan. Approval of this Service Plan shall
not be construed as a guarantee by the Town of payment of any of the District’s obligations, nor
shall anything in the Service Plan be construed so as to create any responsibility or liability on the
part of the Town in the event of default by the District in the payment of any such obligation.
3. The District shall not issue Debt in excess of the Total Debt Limit,
which Total Debt Limit includes any Debt issued for Public Improvements; provided that the
foregoing shall not include the principal amount of Debt which has been refinanced or refunded
or which is a contractual pledge of taxes or other revenue from the District to another District.
4. Any Debt issued by the District with a pledge or which results in a
pledge that exceeds the Maximum Debt Mill Levy (subject to the Mill Levy Adjustment) shall be
deemed a material modification of this Service Plan pursuant to Section 32-1-207, C.R.S. and shall
not be an authorized issuance of Debt unless and until such material modification has been
approved by the Town as part of a Service Plan Amendment. The Town shall be entitled to all
remedies available at law to enjoin such actions of the District, including the remedy of enjoining
the issuance of additional authorized but unissued debt, until such material modification is
remedied.
5. The Maximum Debt Mill Levy Imposition Term shall not exceed
forty (40) years from the date of the initial imposition of such Debt mill levy to pay any Debt.
Upon expiration of the Maximum Debt Mill Levy Imposition Term, the District shall not impose
a levy for repayment of any and all Debt (or use the proceeds of any mill levy for repayment of
Debt) on any single property within its Service Area, unless a majority of the Board of Directors
of the District are End Users and have voted in favor of a refunding of a part or all of the Debt and
such refunding will result in a net present value savings as set forth in Section 11-56-101, C.R.S.;
et seq. Any Debt, issued with a mill levy pledge or which results in a mill levy pledge, that exceeds
the Maximum Debt Mill Levy Imposition term shall be deemed a material modification of this
Service Plan and shall not be an authorized issuance of Debt unless and until such material
modification has been approved by the Town by a service plan amendment.
E. Debt Instrument Disclosure Requirement.
In the text of each Bond and any other instrument representing and constituting Debt, the
District shall set forth a statement in substantially the following form:
14
By acceptance of this instrument, the owner of this Bond agrees and consents to all
of the limitations in respect of the payment of the principal of and interest on this
Bond contained herein, in the resolution of the District authorizing the issuance of
this Bond and in the Service Plan for creation of the District.
Similar language describing the limitations in respect of the payment of the principal of
and interest on Debt set forth in this Service Plan shall be included in any document used for the
offering of the Debt for sale to persons, including, but not limited to, a developer of property within
the boundaries of the District.
F. Privately Placed Debt Limitation.
Prior to the issuance of any privately placed Debt, the District shall obtain the certification
of an External Financial Advisor substantially as follows:
We are [I am] an External Financial Advisor within the meaning of the District’s
Service Plan.
We [I] certify that (1) the net effective interest rate (calculated as defined in Section
32-1-103(12), C.R.S.) to be borne by [insert the designation of the Debt] does not
exceed a reasonable current [tax- exempt] [taxable] interest rate, using criteria
deemed appropriate by us [me] and based upon our [my] analysis of comparable
high yield securities; and (2) the structure of [insert designation of the Debt],
including maturities and early redemption provisions, is reasonable considering the
financial circumstances of the District.
G. TABOR Compliance.
The District will comply with the provisions of TABOR. In the discretion of the Board, a
District may set up other qualifying entities to manage, fund, construct and operate facilities,
services, and programs. To the extent allowed by law, any entity created by the District will remain
under the control of that District’s Board, and any such entity shall be subject to and bound by all
terms, conditions, and limitations of the Service Plan and the Intergovernmental Agreement.
H. District’s Organizational Costs and Operation and Maintenance Costs.
The District’s Organizational Costs, including the estimated, engineering services, legal
services and administrative services, together with the estimated costs of the District’s organization
and initial operations, are eligible for reimbursement from Debt proceeds.
In addition to the capital costs of the Public Improvements, the District will require
operating funds for Operation and Maintenance Costs including administration and to plan and
cause the Public Improvements to be constructed and maintained, and for ongoing administrative,
accounting and legal costs.
15
VIII. ANNUAL REPORT
A. General.
The District shall be responsible for submitting an annual report to the Town Clerk no later
than June 30th of each year.
B. Reporting of Significant Events.
The annual report shall include information as to any of the following:
1. Boundary changes made or proposed to the District’s boundary as
of December 31 of the prior year.
2. Copies of the District’s rules and regulations, if any, as of December
31 of the prior year.
3. A summary of any litigation which involves the Public
Improvements as of December 31 of the prior year.
4. Status of the District’s construction of the Public Improvements as
of December 31 of the prior year.
5. A list of all facilities and improvements constructed by the District
that have been dedicated to and accepted by the Town or other service provider providing service
to the property in the District, as of December 31 of the prior year.
6. Notice of any uncured events of default by the District, which
continue beyond a ninety (90) day period, under any Debt instrument.
7. Any inability of the District to pay its obligations as they come due,
in accordance with the terms of such obligations, which continue beyond a ninety (90) day period.
8. Any alteration or revision of the proposed schedule of Debt issuance
set forth in the Financial Plan.
IX. DISSOLUTION
Upon an independent determination of the Town Board that the purposes for which the
District was created have been accomplished, the District shall dissolve upon payment or
defeasance of all Debt incurred or upon a court determination that adequate provision has been
made for the payment of all Debt, except that if the District has ongoing operation and maintenance
functions the District shall not be required to dissolve.. Additionally, if the Board of Directors of
the District determines that the existence of that District is no longer necessary to accomplish the
purposes set forth in this Service Plan, the Board of Directors of the District shall promptly
effectuate the dissolution of that District.
16
X. DISCLOSURE NOTICES
A. In order to notify future End Users who are purchasing residential lots or
dwellings units in the Service Area that they will be paying, in addition to the property taxes owed
to other taxing governmental entities, property taxes imposed by the District to pay Debt and
Operations and Maintenance Costs, the District shall, prior to the issuance of Debt:
1. prepare and submit to the Town Manager for his or her approval a written
notice to purchasers of property within the District, in substantially the form
attached hereto as Exhibit F (the "Disclosure Notice"). After approval of the
Disclosure Notice by the Town Manager, the District shall record the Disclosure
Notice in the Weld County Clerk and Recorder's Office; and
2. use reasonable efforts to assure that all builders of residential lots or
dwellings units within the District provide the Disclosure Notice to each potential
End User purchaser of a residential lot or dwelling unit in the Service Area before
that purchaser enters into a written agreement for the purchase and sale of that
residential lot or dwelling unit.
B. To ensure that potential residential buyers are educated about the District,
the District will also use reasonable efforts and due diligence to provide the Disclosure Notice to
the developer or home builders for prominent display at all sales offices, and by inspecting the
sales offices within the District’s boundaries on a quarterly basis to assure the information
provided is accurate and prominently displayed.
C. Within six (6) months of the date of approval of this Service Plan, the
District will create a public website on which the District will timely post information related to
upcoming meetings and elections, and will make available relevant District documents and
information, including, but not limited to, the Service Plan, Board meeting minutes, annual
budgets, audits, and annual reports.
D. The District will provide annual notice to all eligible electors of the District,
in accordance with Section 32-1-809, C.R.S. In addition, the District shall record a District public
disclosure document and a map of the District boundaries with the Clerk and Recorder of each
County in which District property is located, in accordance with Section 32-1- 104.8, C.R.S.
XI. INTERGOVERNMENTAL AGREEMENT
The form of the Intergovernmental Agreement required by the Town Code, relating to the
limitations imposed on the District’s activities, is attached hereto as Exhibit G. The District shall
approve the Intergovernmental Agreement at its first Board meeting after approval of this Service
Plan, and shall deliver the executed Intergovernmental Agreement to the Town. The
Intergovernmental Agreement may be amended from time to time by the District and the Town,
and may include written consents and agreements of the Town as required throughout this Service
Plan (e.g., amendments to address the District’s imposition of Fees for services, programs or
facilities furnished by the District pursuant to Section V.A.20 (“Fee Amendments”). Alternatively,
such written consents of the Town may be obtained by the District without amending the
17
Intergovernmental Agreement, and the Town and the District may execute additional written
agreements concerning matters set forth in this Service Plan. In the event that the District proposes
any Fee Amendment to the Town, the Town Board shall make its determination as to such Fee
Amendment in writing to the District within sixty (60) days after submittal of the Fee Amendment
by the District, unless the Town and District mutually agree to a different date.
If the Districts collectively fund Public Improvements, then the Districts may also enter
into an intergovernmental agreement regarding the functions and services to be provided by each
of the Districts, and the mechanisms to be used by the Districts for the sharing of costs of Public
Improvements. Full and complete executed copies of such intergovernmental agreement and all
amendments thereto, as well as all other intergovernmental agreements and amendments thereto
proposed between or among the Districts regarding the subject matter of this Service Plan, shall
be submitted to the Town upon execution, and all such intergovernmental agreements and
amendments thereto shall comply with this Service Plan, the Intergovernmental Agreement, and
the terms of the Approved Development Plan or other instrument related to the Public
Improvements.
The District is also a party to the Cooperation Agreement Among the Firestone Urban
Renewal Authority and the Cottonwood Hollow Residential Metropolitan District –Northern
Firestone Urban Renewal Plan (the “FURA Agreement”).
No intergovernmental agreements other than the Intergovernmental Agreement, the FURA
Agreement, and, if necessary, the District’s intergovernmental agreements are anticipated. Except
for such Intergovernmental Agreement with the Town, any intergovernmental agreement proposed
regarding the subject matter of this Service Plan shall be subject to review and approval by the
Town prior to its execution by the District. Such Town review and approval shall be with reference
to whether the intergovernmental agreement(s) are in compliance with this Service Plan, the
Intergovernmental Agreement, and the terms of the Approved Development Plan or other
instrument related to the Public Improvements.
XII. NON-COMPLIANCE WITH SERVICE PLAN
In the event it is determined that the District has undertaken any act or omission which
violates the Service Plan or constitutes a material departure from the Service Plan, the Town may
pursue for such violation all remedies available at law or in equity, including without limitation
affirmative injunctive relief to require the District to act in accordance with the provisions of this
Service Plan. To the extent permitted by law, the District hereby waives the provisions of Section
32-1-207(3)(b), C.R.S., and agree they will not rely on such provisions as a bar to the enforcement
by the Town of any provisions of this Service Plan.
XIII. CONCLUSION
It is submitted that this Service Plan for the District, as required by Section 32-1-203(2),
C.R.S., establishes that:
1. There is sufficient existing and projected need for organized service
in the area to be serviced by the District;
18
2. The existing service in the area to be served by the District is
inadequate for present and projected needs;
3. The District are capable of providing economical and sufficient
service to the area within its proposed boundaries; and
4. The area to be included in the District has, or will have, the financial
ability to discharge the proposed indebtedness on a reasonable basis.
EXHIBIT A
Vicinity Map
A-1
EXHIBIT B
Initial Boundary Map and Legal Description
B-1
LEGAL DESCRIPTION PARCEL 1 COTTONWOOD HOLLOW RESIDENTIAL METROPOLITAN DISTRICT
A TRACT OF LAND LOCATED IN THE WEST HALF OF THE NORTHEAST QUARTER OF SECTION 14, TOWNSHIP 2 NORTH, RANGE 68 WEST OF THE 6TH PRINCIPAL MERIDIAN, TOWN OF FIRESTONE, COUNTY OF WELD, STATE OF COLORADO, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS;
COMMENCING AT THE NORTHEAST COR NER OF SAID WEST HALF; THENCE S00 °18'14"E ALONG THE EAST LINE OF SAID WEST HALF A DISTANCE OF 30.00 FEET TO THE POINT OF BEGINNING; THENCE CONTINUING ALONG SAID EAST LINE S00 ° 18' 14 "E A DISTANCE OF 2 624. 04 FEET TO THE SOUTHEAST CORNER OF SAID WEST HALF; THENCE S89 °55'12"W ALONG THE SOUTH LINE OF SAID WEST HALF A DISTANCE OF 708.Sl FEET; THENCE N05 °54 '04"W A DISTANCE OF 231.64 FEET; THENCE N30°42'25"W A DISTANCE OF 310.05 FEET; THENCE N59 °38'36"W A DISTANCE OF 73.63 FEET; THENCE N78 °48'01"W A DISTANCE OF 123.20 FEET; THENCE Nl6 °18'30"W A DISTANCE OF 305.07 FEET; THENCE Nl2 °48'12"W A DISTANCE OF 504.03 FEET; THENCE N26 °11'10"E A DISTANCE OF 228.92 FEET; THENCE Nl3 °30'12"E A DISTANCE OF 100.66 FEET; THENCE N04 °09'08"W A DISTANCE OF 187.09 FEET; THENCE N77 °57'2l"W A DISTANCE OF 163.27 FEET TO A POINT ON THE CENTER SECTION LINE OF SECTION 14; THENCE N00 °07'17"W ALONG SAID CENTER SECTION LINE A DISTANCE Of 42.48 FEET; THENCE N34 °26'39"E A DISTANCE OF 345.91 FEET; THENCE N70 °27'39"E A DISTANCE OF 183.51 FEET; THENCE N34 °12'35"E A DISTANCE OF 86.45 FEET; THENCE N01 °45'32"E A DISTANCE OF 127.93 FEET; THENCE N42 °34'20"W A DISTANCE OF 107.53 FEET; THENCE N50 °34'57"W A DISTANCE OF 145.48 FEET; THENCE S89 ° 55' 22"E A DISTANCE OF 1071. 60 FEET TO THE POINT OF BEGINNING, CONTAINING 64.04 ACRES, MORE OR LESS.
00-038/DWG/Metropolitan-District/LGL-DIST-i.TXTPREPARED: 11-19-03REVISED: 03-09-04
B-2
LEGAL DESCRIPTION PARCEL 2 COTTONWOOD HOLLOW RESIDENTIAL METROPOLITAN DISTRICT
A TRACT OF LAND LOCATED IN THE EAST HALF OF THE NORTHWEST "QUARTER OF SECTION 14, TOWNSHIP 2 NORTH, RANGE 68 WEST OF THE 6TH PRINCIPAL MERIDIAN, TOWN OF FIRESTONE, COUNTY OF WELD, STATE OF COLORADO, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS;
COMMENCING AT THE NORTH QUARTER CORNER OF SAID SECTION 14; THENCE S00°07'17"E ALONG THE EAST LINE OF SAID NORTHWEST QUARTER A DISTANCE OF 30.00 FEET TO THE POINT OF BEGINNING; THENCE S00 °07' l 7"E CONTINUING ALONG SAID EAST LINE A DISTANCE OF 311. 37 FEET; THENCE S57 °55'06"W A DISTANCE OF 15.86 FEET; THENCE S46 °08'59"W A DISTANCE OF 81.70 FEET; THENCE S14 °17'01"W A DISTANCE OF 299.30 FEET; THENCE S49 °22'28"E A DISTANCE OF 56.74 FEET; THENCE S03 °16'13"E A DISTANCE OF 33.66 FEET; THENCE S62°37'55"W A DISTANCE OF 36.80 FEET; THENCE S26 °39'40"W A DISTANCE OF 29.30 FEET; THENCE 505°13'01"£ A DISTANCE OF 184.28 FEET; THENCE S47 °17' 38"E A DISTANCE OF 36.28 FEET; THENCE S02 °26'30"W A DISTANCE OF 59.58 FEET; THENCE S30 °54'29"W A DISTANCE OF 226.80 FEET; THENCE S03 °27'11"W A DISTANCE OF 212.60 FEET; THENCE S04 °05'07"E A DISTANCE OF 117.01 FEET; THENCE S25°08'52"E A DISTANCE OF 256.67 FEET; THENCE S04"56'23"E A DISTANCE OF 488.16 FEET; THENCE S12 °07'10"E A DISTANCE OF 150.75 FEET; THENCE S29 °04' 16"E A DISTANCE OF 217. 63 FEET TO A POINT ON THE SOUTH LINE OF NORTHEAST QUARTER OF SAID SECTION 14; THENCE S89 °55'12"W ALONG SAID SOUTH LINE A DISTANCE OF 56.46 FEET TO THE CENTER QUARTER CORNER OF SECTION 14; THENCE S8 9 ° 56' 54 "W ALONG SOOTH LINE OF SAID NORTHWEST QUARTER OF SECTION H A DISTANCE OF 1303.91 FEET TO THE SOUTHWEST CORNER OF SAID EAST HALF OF THE NORTHWEST QUARTER OF SECTION 14; THENCE N00 °15'46"W ALONG THE WEST LINE: OF SAID EAST HALF A DISTANCE OF 1059.93 FEET; THENCE N89 °56'37"E A DISTANCE OF 468.64 FEET TO A NON-TANGENT POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HIWING A CENTRAL ANGLE OF 16 °00'07" A RADIUS OF 1135.00 FEET A DISTANCE OF 316.99 FEET WHOSE CHORD BEARS N08 °25'48"W A CHORD DISTANCE OF 315.96 FEET; THENCE N00 °25'44"W A DISTANCE OF 314.08 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 11 °25' 12" A RADIUS OF 1135.00 FEET A DISTANCE OF 226.22 FEET; THENCE N10 °59"27"E A DISTANCE OF 225.17 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CUR1/E TO THE LEFT HAVH!G A CENTRAL Jl.NGLE OF 11 °15'14" A RADIUS OF 1015.00 FEET A DISTANCE OF 19.9.37 FEET; THENCE N00 °l5'47'W A DISTANCE OF 297.70 FEET; THENCE S90°00'00"E A DISTANCE OF 802.30 FEET TO THE POINT OF BEGINNING, CONTAINING 55.66 ACRES, MORE OR LESS.
00-038/DWG/Metropolitan-District/LGL-DIST-2.TXTPREPARED: 11-19-03REVISED: 03-09-04
B-3
EXCLUDING THE FOLL WING PARCEL FROM THE BOUNDARIES OF THE
COTTONWOOD HOLLOW RESIDENTIAL METROPOLITAN DISTRICT
LEGAL OESCIUPTION
PAACEL3A
COTTONWOOD HOLLO W RESIDEN'TW. METROPOLI TAN OISTIIJCT
A TRACT OF LAND LOCATE D I N TltE EAST HALF OF THE NOftlltWEST
0.UAftTElt OF SECTION 14, TOWNSHIP 2 NORTH, RANGE 68 WEST OF TltE 6TH
PRINOPAL MER.IDIAN, TOWN OF FlflESTOWE, COUNTY OF WELD, STAT£ OF
COt.OAADO, BEING MOR£ PAAT ICULAALY DESCRIBED AS FOLLOWS;
lltENCE N89"S6'36•E A DISTANCE OF 160.77 FEE T;
lltENCE $63�6'36•£ A DIS TANCE OF 70.11 FEET;
lltENCE $84-01'06•£ A DISTANCE OF S6.97 FEET;
lltENCE N76�0'4S•E A DISTANCE OF 53.67 FUT;
lltENCE N63�4•3s•e A DISTANCE OF SS.07 FUT:
lltENCE S89-S6'36'"W A OISTANa: OF 220.88 FEET;
B-4
EXHIBIT C
Inclusion Area Boundary Map and Legal Description
C-1
COTTONWOOD HOLLOW RESIDENTIAL METROPOLITAN DISTRICTINCLUSION AREA MAPTOWN OF FIRESTONE, WELD COUNTY, STATE OF COLORADOSHEET 1 OF 1SCALE: 1" = 0300 600300600'C-2
LEGAL DESCRIPTION PARCEL 3 COTTONWOOD HOLLOW RESIDENTIAL METROPOLITAN DISTRICT
A TRACT OF LAND LOCATED IN THE EAST HALF OF THE SOUTHWEST QUARTER OF SECTION 11, TOWNSHIP 2 NORTH, RANGE 68 WEST OF THE 6TH PRINCIPAL MERIDIAN, TOWN OF FIRESTONE, COUNTY OF WELD, STATE OF COLORADO, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS;
COMMENCING AT THE SOUTH QUARTER CORNER OF SAID SECTION 11; THENCE N00 °07'16"W ALONG THE EAST LINE OF SAID SOUTHWEST QUARTER A DISTANCE OF 30.00 FEET TO THE POINT OF BEGINNING; THENCE N90 °00'00"W A DISTANCE OF 802.43 FEET; THENCE N00°15'47"W A DISTANCE OF 636. 73 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 10 °45'40' A RADIUS OF 1015.00 FEET A DISTANCE OF 190.63 FEET; THENCE Nl 1 °01 '27 "W A DIS TANCE OF 796. 41 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 01°52'28' A RADIUS OF 1015.00 FEET A DISTANCE OF 37.13 FEET WHOSE CHORD BEARS Nl0 °05'13"W A CHORD DISTANCE OF 37 .13 FEET; THENCE S90 °00'00"E A DISTANCE OF 582.89 FEET; THENCE S02 °14'18"E A DISTANCE OF 147.11 FEET; THENCE S01 °35'33"E A DISTANCE OF 227.04 FEET; THENCE S67°07'59"E A DISTANCE OF 79.46 FEET; THENCE S41 °30' 13''E A DISTANCE Of 109. 75 FEET; THENCE S28 °16'04"E A DISTANCE OF 142.91 FEET; THENCE Sl5 °04'29"E A DISTANCE OF 123.50 FEET; THENCE Sl9'15'37"E A DISTANCE OF 118.72 FEET; THENCE S01 °03'51"E A DISTANCE OF 131.94 FEET; THENCE S45 °24'5l"E A DISTANCE OF 139.51 FEET TO A POINT ON THE EAST LINE OF SAID SOUTHWEST QUARTER; THENCE S00 °07'16"E ALONG SAID EAST LINE A DISTANCE OF 570.36 FEET TO THE POINT OF BEGINNING, CONTAINING 26.33 ACRES, MORE OR LESS.
00-038/DWG/Metropolitan-District/LGL-DIST-3.TXTPREPARED: 11-19-03REVISED: 03-09-04
C-3
C-4
C-5
C-6
LEGAL DESCRIPTION
DITO<
COTTONWOOD HOLLOW R£SIDEN11AL M ET ROPOLITAN OCST IIJCT
A TRACT OF LAND LOCATED IN TltE EAST AND WEST tw.F OF THE NORTHW EST
0.UAltTElt 0, SECTION 14, T OWNSHIP 2 NORTH, RANG£ 68 WEST OF TltE 6TH
PRINOPAL MERIDIAN, TOWN OF FlflESTOWE, COUNTY OF WELD, STAT£ OF
COt.OAADO, BEING MOR£ PAltT ICUI.AftLY DESCRIBED AS FOLLOWS;
COMMENCING AT THE NOltllt 0.UAltTE R CORNER OF SAID SECTION 14;
TltENCE S00-07'I1"£ AL.ONG THE EAST UNE OF SA ID NO RTH WEST QUA RT ER A
DISTANCE OF 30.00 FEET TO TH E POINT OF BEGI NNING;
TltENCE soo-or1rE CONT INUI NG ALONG SAID EAST U NE A OCST ANCE OF 311.3'7 FEET;
TltENCE S57"S5'06"'W A DISTANCE OF 1.5.86 FEET:
TltENCE S46-0S'59'W A OCSTANCE OF 81. 70 F EET;
TltEN CE S14•1ro 1•w A OCSTANCE OF 299.30 F EET;
TltENCE S 49�2'28 "'E A DISTANCE OF 56.74 FEET:
TltENCE sor16'13 "'E A DISTANCE OF .33.66 FEET:
TltENCE S62�7'55 "'W A DISTANCE OF .36.80 FEET:
TltENCE S26�9'40"'W A DISTANCE OF 29.30 FEET:
TltENCE sos·u-01 "'EA DISTANCE OF 134.28 FEET:
TltENCE S47•1 T.38"E A DISTA NCE OF .36.28 FEET:
TltENCE S02�6'.30"W A DISTANCE OF 59.S8 FEET:
TltENCE S30"S 4'29"W A DISTANCE OF 226.80 FEET:
TltENCE S03�Tll"W A DISTANCE OF 212.60 F EET:
TltENCE S04-05'07"E A DISTANCE OF 117.01 FEET:
TltENCE S25-o8'52'"£ A OCSTANCE OF 256.67 FEET;
TltENCE S04"S6'23"E A DISTA NCE OF 48 8 .16 FEET:
TltENCE Sl2-0T10"E A DISTANCE OF l.S0.7S FEET:
TltENCE S29*04'16'"£ A OCSTANCE OF 2 17.63 FEET TO A POINT ON THE SOUTH LINE 0, NOltlltEAST 0.UAltTElt OF
SAID SECTI ON 14;
TltENCE tr8903'96'"E A DISTANCE OF 552.1 7 FEE T:
TltENCE N05"S4'04"W A DISTANCE OF 231.64 FEET ,
TltENCE N30•42•2s•w A DISTANCE OF .310.0 5 FUT :
TltENCE NS9�8'36'"W A DISTANCE OF 73.63 FUT;
TltENCE N78.48'0l'"W A DISTANCE OF 123.20 FUT.
TltENCE N16.18'30'"W A DISTANCE OF .305.07 FUT :
TltENCE N12.48'12'"W A DISTANCE OF 504.0.3 FUT ;
TltENCE N26•11•10-E A DISTANCE OF 228.92 FEET:
TltENCE N13�0'12'"E A DISTANCE OF 100.66 FEE T:
TltENCE N04-o9;08"'W A OCSTAN CE OF 1 87.09 FEET;
TltENCE N77"S7'21"W A DISTANCE OF 16.3.27 FEET TO A POINT ON TH£ CENTER SECTION LINE OF SECTION 14;
TltENCE N00-07'17"W ALONG SAID CENTat SECTION LIN£ A OCSTAN CE OF 42.48 FEET;
TltENCE N3 4�6'.39"'E A DISTANCE OF .345.91 FEET:
TltENCE N70�7'.39"'E A DISTANCE OF 14.3.Sl FEET:
TltENCE N3 4i2'35"E A OCSTANCE OF 86.45 FEET;
TltENCE N ()l•4 S'l2"E A DISTANCE OF 127.93 FEET:
TltENCE N42�4'20"'W A DISTANCE OF 107.S3 FEET :
TltENCE N50�4•5rw A DISTANCE 0, 14SA8 FEET; TltENCE N89"SS'57'"W A DISTANCE OF 210.22 FUT TO THE POINT OF BE GINN ING,
COHTAI NING 21.79 ACRES, MOR£ OR LESS. {CPE ADDED)
C-7
EXHIBIT D
Financial Plan
D-1
Cottonwood Hollow Residential Metropolitan DistrictDevelopment SummaryResidentialTH4 PAC Motorcourt SFD 45'SFD 50'SFD 62' Paired Homes Garden Courts Filing 1 -SFD 62' TotalStatutory Actual Value (2021)$400,000 $425,000 $475,000 $475,000 $525,000 $600,000 $475,000 $450,000 $600,0002019----------2020----------2021--------20202022251515151515251545185202327202020202028202119620243025253025123030-20720253213125315-3535-1952026----------2027----------2028----------2029----------2030----------2031----------2032----------2033----------2034----------2035----------2036----------2037----------2038----------2039----------2040----------2041----------2042----------2043----------2044----------2045----------2046----------2047----------2048----------2049----------2050----------2051----------Total Units1147372118754711810086803Total Statutory Actual Value$45,600,000 $31,025,000 $34,200,000 $56,050,000 $39,375,000 $28,200,000 $56,050,000 $45,000,000 $51,600,000 $387,100,000G Cottonwood Hollow MD Financial Plan 05.07.21.xlsx Dev Sum5/7/20212D-2
Cottonwood Hollow Residential Metropolitan DistrictAssessed ValueVacant and Improved LandResidentialCommercialCumulative Statory Actual Value1Assessed Value in Collection YearResidential Units DeliveredBiennial ReassessmentCumulative Statory Actual ValueAssessed Value in Collection YearCumulative Statory Actual ValueAssessed Value in Collection Year2 Year Lag2 Year Lag 2 Year Lag29.00% 6.00% 7.15% 29.00%2019115,069 - - 0 445,10320201,014,931--0020219,132,04033,37020- 12,000,00000129,08020229,432,178294,330185 720,000 107,707,50000020239,589,850 2,648,292196- 207,273,780 858,0000020248,900,058 2,735,332207 12,436,427 322,461,671 7,701,0860020250 2,781,057195- 419,285,228 14,820,0750020260 2,581,017- 25,157,114 444,442,342 23,056,01000202700-- 444,442,342 29,978,89400202800- 26,666,541 471,108,882 31,777,62700202900-- 471,108,882 31,777,62700203000- 28,266,533 499,375,415 33,684,28500203100-- 499,375,415 33,684,28500203200- 29,962,525 529,337,940 35,705,34200203300-- 529,337,940 35,705,34200203400- 31,760,276 561,098,217 37,847,66300203500-- 561,098,217 37,847,66300203600- 33,665,893 594,764,110 40,118,52200203700-- 594,764,110 40,118,52200203800- 35,685,847 630,449,956 42,525,63400203900-- 630,449,956 42,525,63400204000- 37,826,997 668,276,954 45,077,17200204100-- 668,276,954 45,077,17200204200- 40,096,617 708,373,571 47,781,80200204300-- 708,373,571 47,781,80200204400- 42,502,414 750,875,985 50,648,71000204500-- 750,875,985 50,648,71000204600- 45,052,559 795,928,544 53,687,63300204700-- 795,928,544 53,687,63300204800- 47,755,713 843,684,257 56,908,89100204900-- 843,684,257 56,908,89100205000- 50,621,055 894,305,312 60,323,42400205100-- 894,305,312 60,323,42400205200- 53,658,319 947,963,631 63,942,83000205300-- 947,963,631 63,942,83000205400- 56,877,818 1,004,841,449 67,779,40000205500-- 1,004,841,449 67,779,40000205600- 60,290,487 1,065,131,936 71,846,16400205700-- 1,065,131,936 71,846,16400205800- 63,907,916 1,129,039,852 76,156,93300205900-- 1,129,039,852 76,156,93300206000-- 1,129,039,852 80,726,34900206100-- 1,129,039,852 80,726,34900Total803 722,911,0501. Vacant land value calculated in year prior to construction as 10% build-out market valueG Cottonwood Hollow MD Financial Plan 05.07.21.xlsx #1 AV Sum5/7/20213D-3
2019202020212022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046204720482049205020512052205320542055205620572058205920602061TotalCottonwood Hollow Residential Metropolitan DistrictAssessed ValueOil & Gas EquipmentOil & Gas ProductionTotalCumulative Statory Actual ValueAssessed Value in Collection YearCumulative Statory Actual ValueAssessed Value in Collection YearAssessed Value in Collection Year2 Year Lag 2 Year Lag 2 Year Lag29.00% 87.50%1,853,5524,093,6001,793,7604,068,7651,733,968537,5307,641,1853,581,9004,281,8801,674,176 520,190 6,124,695 3,560,169 4,374,6901,614,384 502,851 4,772,816 6,686,037 10,695,1801,554,592 485,511 4,044,609 5,359,108 16,281,0371,494,800 468,171 3,551,691 4,176,214 22,245,5171,435,008 450,832 3,175,615 3,539,033 29,626,8911,375,216 433,492 2,862,783 3,107,729 33,520,1151,315,424 416,152 2,608,059 2,778,663 34,972,4431,255,632 398,813 2,407,462 2,504,935 34,681,3751,195,840 381,473 2,240,304 2,282,051 36,347,8091,136,048 364,133 2,075,044 2,106,529 36,154,9481,076,256 346,794 1,930,855 1,960,266 38,012,4021,016,464 329,454 1,775,353 1,815,664 37,850,460956,672 312,114 1,581,294 1,689,498 39,849,275896,880 294,775 1,395,489 1,553,434 39,695,871837,088 277,435 1,225,387 1,383,633 41,779,590777,296 260,095 1,073,149 1,221,053 41,599,670717,504 242,755 927,866 1,072,214 43,840,603657,712 225,416 786,968 939,006 43,690,055597,920 208,076 658,446 811,883 46,097,131538,128 190,736 535,702 688,597 45,956,506478,336 173,397 398,644 576,140 48,531,339418,544 156,057 330,732 468,739 48,406,598358,752 138,717 274,350 348,813 51,136,241298,960 121,378 212,466 289,391 51,059,479239,168 104,038 157,209 240,057 54,031,728179,376 86,698 89,261 185,907 53,960,239119,584 69,359 45,740 137,558 57,115,80759,792 52,019 17,982 78,104 57,039,0140 34,679 0 40,022 60,398,1260 17,340 0 15,734 60,356,4980 0 0 0 63,942,8300 0 0 0 63,942,8300 0 0 0 67,779,4000 0 0 0 67,779,4000 0 0 0 71,846,1640 0 0 0 71,846,1640 0 0 0 76,156,9330 0 0 0 76,156,9330 0 0 0 80,726,3490 0 0 0 80,726,349G Cottonwood Hollow MD Financial Plan 05.07.21.xlsx #1 AV Sum5/7/20214D-4
Cottonwood Hollow Residential Metropolitan DistrictRevenueTotalDistrict Mill Levy RevenueExpenseTotalAssessed Value in Collection Year% Residential Debt Mill LevyDebt Mill Levy CollectionsSpecific Ownership TaxesCounty Treasurer FeeAnnual Trustee FeeRevenue Available for Debt Service55.664 Cap 99.50%6.00%1.50%$4,00055.664 Target2019202020214,281,8800%0.0000000020224,374,690 0% 50.000 217,641 13,058 (3,265) (4,000) 223,435202310,695,180 8% 50.454 536,921 32,215 (8,054) (4,000) 557,082202416,281,037 47% 52.679 853,382 51,203 (12,801) (4,000) 887,785202522,245,517 67% 53.773 1,190,236 71,414 (17,854) (4,000) 1,239,796202629,626,891 78% 54.408 1,603,874 96,232 (24,058) (4,000) 1,672,048202733,520,115 89% 55.066 1,836,577 110,195 (27,549) (4,000) 1,915,223202834,972,443 91% 55.147 1,918,968 115,138 (28,785) (4,000) 2,001,321202934,681,375 92% 55.190 1,904,487 114,269 (28,567) (4,000) 1,986,189203036,347,809 93% 55.249 1,998,137 119,888 (29,972) (4,000) 2,084,054203136,154,948 93% 55.277 1,988,542 119,313 (29,828) (4,000) 2,074,027203238,012,402 94% 55.320 2,092,341 125,540 (31,385) (4,000) 2,182,496203337,850,460 94% 55.343 2,084,284 125,057 (31,264) (4,000) 2,174,077203439,849,275 95% 55.379 2,195,799 131,748 (32,937) (4,000) 2,290,610203539,695,871 95% 55.400 2,188,167 131,290 (32,823) (4,000) 2,282,634203641,779,590 96% 55.439 2,304,630 138,278 (34,569) (4,000) 2,404,338203741,599,670 96% 55.462 2,295,679 137,741 (34,435) (4,000) 2,394,984203843,840,603 97% 55.494 2,420,731 145,244 (36,311) (4,000) 2,525,664203943,690,055 97% 55.513 2,413,241 144,794 (36,199) (4,000) 2,517,837204046,097,131 98% 55.539 2,547,373 152,842 (38,211) (4,000) 2,658,005204145,956,506 98% 55.556 2,540,377 152,423 (38,106) (4,000) 2,650,694204248,531,339 98% 55.577 2,683,717 161,023 (40,256) (4,000) 2,800,484204348,406,598 99% 55.591 2,677,511 160,651 (40,163) (4,000) 2,793,999204451,136,241 99% 55.610 2,829,468 169,768 (42,442) (4,000) 2,952,794204551,059,479 99% 55.618 2,825,649 169,539 (42,385) (4,000) 2,948,803204654,031,728 99% 55.628 2,990,645 179,439 (44,860) (4,000) 3,121,224204753,960,239 99% 55.635 2,987,088 179,225 (44,806) (4,000) 3,117,507204857,115,807 100% 55.643 3,162,232 189,734 (47,433) (4,000) 3,300,532204957,039,014 100% 55.651 3,158,411 189,505 (47,376) (4,000) 3,296,540205060,398,126 100% 55.657 3,344,770 200,686 (50,172) (4,000) 3,491,285205160,356,498 100% 55.661 3,342,699 200,562 (50,140) (4,000) 3,489,121205263,942,830 100% 55.664 3,541,517 212,491 (53,123) (4,000) 3,696,885205363,942,830 100% 55.664 3,541,517 212,491 (53,123) (4,000) 3,696,885205467,779,400 100% 55.664 3,754,008 225,240 (56,310) (4,000) 3,918,939205567,779,400 100% 55.664 3,754,008 225,240 (56,310) (4,000) 3,918,939205671,846,164 100% 55.664 3,979,249 238,755 (59,689) (4,000) 4,154,315205771,846,164 100% 55.664 3,979,249 238,755 (59,689) (4,000) 4,154,315205876,156,933 100% 55.664 4,218,004 253,080 (63,270) (4,000) 4,403,814205976,156,933 100% 55.664 4,218,004 253,080 (63,270) (4,000) 4,403,814206080,726,349 100% 55.664 4,471,084 268,265 (67,066) (4,000) 4,668,283206180,726,349 100% 55.664 4,471,084 268,265 (67,066) (4,000) 4,668,283Total107,061,299 6,423,678 (1,605,919) (160,000) 111,719,057G Cottonwood Hollow MD Financial Plan 05.07.21.xlsx #1 Rev Sum5/7/20215D-5
Cottonwood Hollow Residential Metropolitan DistrictDebt ServiceTotalNet Debt ServiceSurplus FundRatio AnalysisSeries 2021 Series 2031TotalRevenue Available for Debt ServiceDated: 12/1/2021 Dated: 12/1/2031Annual SurplusFunds on Hand Used as a SourceCumulative BalanceReleased RevenueDebt Service CoverageSenior Debt to Assessed ValuePar: $35,560,000 Par: $52,935,000 $0Proj: $26,034,467 Proj: $18,218,658 Escr: $34,295,000 2019202020210 0 0 0 0 0 n/a n/a2022223,435 0 0 223,435 223,435 0 n/a 830%2023557,082 0 0 557,082 780,517 0 n/a 813%2024887,785 0 0 887,785 1,668,301 0 n/a 332%20251,239,796 1,778,000 1,778,000 (538,204) 1,130,098 0 70% 218%20261,672,048 1,778,000 1,778,000 (105,952) 1,024,146 0 94% 160%20271,915,223 1,913,000 1,913,000 2,223 1,026,369 0 100% 120%20282,001,321 2,001,250 2,001,250 71 1,026,440 0 100% 105%20291,986,189 1,984,750 1,984,750 1,439 1,027,879 0 100% 100%20302,084,054 2,083,500 2,083,500 554 1,028,433 0 100% 100%20312,074,027 2,071,750 0 2,071,750 2,277 1,030,000 0 710 100% 240%20322,182,496 Refunded 2,177,400 2,177,400 5,096 0 5,096 100% 240%20332,174,077 2,170,000 2,170,000 4,077 0 4,077 100% 227%20342,290,610 2,287,800 2,287,800 2,810 0 2,810 100% 226%20352,282,634 2,280,800 2,280,800 1,834 0 1,834 100% 212%20362,404,338 2,403,800 2,403,800 538 0 538 100% 210%20372,394,984 2,391,600 2,391,600 3,384 0 3,384 100% 197%20382,525,664 2,524,400 2,524,400 1,264 0 1,264 100% 194%20392,517,837 2,516,400 2,516,400 1,437 0 1,437 100% 181%20402,658,005 2,653,000 2,653,000 5,005 0 5,005 100% 177%20412,650,694 2,648,400 2,648,400 2,294 0 2,294 100% 164%20422,800,484 2,798,000 2,798,000 2,484 0 2,484 100% 159%20432,793,999 2,790,600 2,790,600 3,399 0 3,399 100% 146%20442,952,794 2,952,200 2,952,200 594 0 594 100% 141%20452,948,803 2,946,000 2,946,000 2,803 0 2,803 100% 127%20463,121,224 3,118,400 3,118,400 2,824 0 2,824 100% 121%20473,117,507 3,117,200 3,117,200 307 0 307 100% 107%20483,300,532 3,299,000 3,299,000 1,532 0 1,532 100% 100%20493,296,540 3,296,400 3,296,400 140 0 140 100% 87%20503,491,285 3,486,400 3,486,400 4,885 0 4,885 100% 78%20513,489,121 3,486,200 3,486,200 2,921 0 2,921 100% 60%20523,696,885 3,693,000 3,693,000 3,885 0 3,885 100% 56%20533,696,885 3,693,400 3,693,400 3,485 0 3,485 100% 50%20543,918,939 3,915,200 3,915,200 3,739 0 3,739 100% 46%20553,918,939 3,914,400 3,914,400 4,539 0 4,539 100% 39%20564,154,315 4,149,400 4,149,400 4,915 0 4,915 100% 34%20574,154,315 4,150,600 4,150,600 3,715 0 3,715 100% 28%20584,403,814 4,401,800 4,401,800 2,014 0 2,014 100% 23%20594,403,814 4,402,800 4,402,800 1,014 0 1,014 100% 17%20604,668,283 4,668,000 4,668,000 283 0 283 100% 11%20614,668,283 4,664,600 4,664,600 3,683 0 3,683 100% 0%Total111,719,057 13,610,250 96,997,200 110,607,4501,111,6078,935,61881,607G Cottonwood Hollow MD Financial Plan 05.07.21.xlsx C-I Debt Refg SP5/7/20216D-6
May 7, 2021 5:17 pm Prepared by Special District Group (Finance 8.600 Cottonwood Hollow Residential MD:G_050721-21SPG2)
SOURCES AND USES OF FUNDS
COTTONWOOD HOLLOW METROPOLITAN DISTRICT
Weld County, Colorado
~~~
GENERAL OBLIGATION BONDS, SERIES 2021
55.664 Debt Service Mills
Non-Rated, 1.00x, 30-year Maturity
Service Plan
Dated Date 12/01/2021
Delivery Date 12/01/2021
Sources:
Bond Proceeds:
Par Amount 35,560,000.00
35,560,000.00
Uses:
Project Fund Deposits:
Project Fund 26,034,466.67
Other Fund Deposits:
Capitalized Interest Fund 5,334,000.00
Debt Service Reserve Fund 3,230,333.33
8,564,333.33
Cost of Issuance:
Other Cost of Issuance 250,000.00
Delivery Date Expenses:
Underwriter's Discount 711,200.00
35,560,000.00
7D-7
May 7, 2021 5:17 pm Prepared by Special District Group (Finance 8.600 Cottonwood Hollow Residential MD:G_050721-21SPG2)
BOND SUMMARY STATISTICS
COTTONWOOD HOLLOW METROPOLITAN DISTRICT
Weld County, Colorado
~~~
GENERAL OBLIGATION BONDS, SERIES 2021
55.664 Debt Service Mills
Non-Rated, 1.00x, 30-year Maturity
Service Plan
Dated Date 12/01/2021
Delivery Date 12/01/2021
Last Maturity 12/01/2051
Arbitrage Yield 5.000000%
True Interest Cost (TIC)5.150684%
Net Interest Cost (NIC)5.084731%
All-In TIC 5.204719%
Average Coupon 5.000000%
Average Life (years)23.604
Duration of Issue (years)13.690
Par Amount 35,560,000.00
Bond Proceeds 35,560,000.00
Total Interest 41,968,000.00
Net Interest 42,679,200.00
Total Debt Service 77,528,000.00
Maximum Annual Debt Service 6,714,750.00
Average Annual Debt Service 2,584,266.67
Underwriter's Fees (per $1000)
Average Takedown
Other Fee 20.000000
Total Underwriter's Discount 20.000000
Bid Price 98.000000
Par Average Average
Bond Component Value Price Coupon Life
Term Bond due 2051 35,560,000.00 100.000 5.000% 23.604
35,560,000.00 23.604
All-In Arbitrage
TIC TIC Yield
Par Value 35,560,000.00 35,560,000.00 35,560,000.00
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount (711,200.00)(711,200.00)
- Cost of Issuance Expense (250,000.00)
- Other Amounts
Target Value 34,848,800.00 34,598,800.00 35,560,000.00
Target Date 12/01/2021 12/01/2021 12/01/2021
Yield 5.150684%5.204719%5.000000%
8D-8
May 7, 2021 5:17 pm Prepared by Special District Group (Finance 8.600 Cottonwood Hollow Residential MD:G_050721-21SPG2)
NET DEBT SERVICE
COTTONWOOD HOLLOW METROPOLITAN DISTRICT
Weld County, Colorado
~~~
GENERAL OBLIGATION BONDS, SERIES 2021
55.664 Debt Service Mills
Non-Rated, 1.00x, 30-year Maturity
Service Plan
Capitalized
Period Total Interest Debt Service Net
Ending Principal Coupon Interest Debt Service Fund Reserve Fund Debt Service
12/01/2022 1,778,000 1,778,000 1,778,000
12/01/2023 1,778,000 1,778,000 1,778,000
12/01/2024 1,778,000 1,778,000 1,778,000
12/01/2025 1,778,000 1,778,000 1,778,000.00
12/01/2026 1,778,000 1,778,000 1,778,000.00
12/01/2027 135,000 5.000% 1,778,000 1,913,000 1,913,000.00
12/01/2028 230,000 5.000% 1,771,250 2,001,250 2,001,250.00
12/01/2029 225,000 5.000% 1,759,750 1,984,750 1,984,750.00
12/01/2030 335,000 5.000% 1,748,500 2,083,500 2,083,500.00
12/01/2031 340,000 5.000% 1,731,750 2,071,750 2,071,750.00
12/01/2032 465,000 5.000% 1,714,750 2,179,750 2,179,750.00
12/01/2033 480,000 5.000% 1,691,500 2,171,500 2,171,500.00
12/01/2034 620,000 5.000% 1,667,500 2,287,500 2,287,500.00
12/01/2035 645,000 5.000% 1,636,500 2,281,500 2,281,500.00
12/01/2036 800,000 5.000% 1,604,250 2,404,250 2,404,250.00
12/01/2037 830,000 5.000% 1,564,250 2,394,250 2,394,250.00
12/01/2038 1,000,000 5.000% 1,522,750 2,522,750 2,522,750.00
12/01/2039 1,045,000 5.000% 1,472,750 2,517,750 2,517,750.00
12/01/2040 1,235,000 5.000% 1,420,500 2,655,500 2,655,500.00
12/01/2041 1,290,000 5.000% 1,358,750 2,648,750 2,648,750.00
12/01/2042 1,505,000 5.000% 1,294,250 2,799,250 2,799,250.00
12/01/2043 1,570,000 5.000% 1,219,000 2,789,000 2,789,000.00
12/01/2044 1,810,000 5.000% 1,140,500 2,950,500 2,950,500.00
12/01/2045 1,895,000 5.000% 1,050,000 2,945,000 2,945,000.00
12/01/2046 2,165,000 5.000% 955,250 3,120,250 3,120,250.00
12/01/2047 2,270,000 5.000% 847,000 3,117,000 3,117,000.00
12/01/2048 2,565,000 5.000% 733,500 3,298,500 3,298,500.00
12/01/2049 2,690,000 5.000% 605,250 3,295,250 3,295,250.00
12/01/2050 3,020,000 5.000% 470,750 3,490,750 3,490,750.00
12/01/2051 6,395,000 5.000% 319,750 6,714,750 3,230,333.33 3,484,416.67
35,560,000 41,968,000 77,528,000 5,334,000 3,230,333.33 68,963,666.67
9D-9
May 7, 2021 5:17 pm Prepared by Special District Group (Finance 8.600 Cottonwood Hollow Residential MD:G_050721-21SPG2)
BOND SOLUTION
COTTONWOOD HOLLOW METROPOLITAN DISTRICT
Weld County, Colorado
~~~
GENERAL OBLIGATION BONDS, SERIES 2021
55.664 Debt Service Mills
Non-Rated, 1.00x, 30-year Maturity
Service Plan
Period Proposed Proposed CAPI & DSRF Total Adj Revenue Unused Debt Serv
Ending Principal Debt Service Adjustments Debt Service Constraints Revenues Coverage
12/01/2022 1,778,000 (1,778,000)223,435 223,435
12/01/2023 1,778,000 (1,778,000)557,082 557,082
12/01/2024 1,778,000 (1,778,000)887,785 887,785
12/01/2025 1,778,000 1,778,000 1,239,796 (538,204) 69.72982%
12/01/2026 1,778,000 1,778,000 1,672,048 (105,952) 94.04097%
12/01/2027 135,000 1,913,000 1,913,000 1,915,223 2,223 100.11621%
12/01/2028 230,000 2,001,250 2,001,250 2,001,321 71 100.00355%
12/01/2029 225,000 1,984,750 1,984,750 1,986,189 1,439 100.07250%
12/01/2030 335,000 2,083,500 2,083,500 2,084,054 554 100.02657%
12/01/2031 340,000 2,071,750 2,071,750 2,074,027 2,277 100.10990%
12/01/2032 465,000 2,179,750 2,179,750 2,182,496 2,746 100.12599%
12/01/2033 480,000 2,171,500 2,171,500 2,174,077 2,577 100.11868%
12/01/2034 620,000 2,287,500 2,287,500 2,290,610 3,110 100.13594%
12/01/2035 645,000 2,281,500 2,281,500 2,282,634 1,134 100.04972%
12/01/2036 800,000 2,404,250 2,404,250 2,404,338 88 100.00366%
12/01/2037 830,000 2,394,250 2,394,250 2,394,984 734 100.03067%
12/01/2038 1,000,000 2,522,750 2,522,750 2,525,664 2,914 100.11550%
12/01/2039 1,045,000 2,517,750 2,517,750 2,517,837 87 100.00345%
12/01/2040 1,235,000 2,655,500 2,655,500 2,658,005 2,505 100.09432%
12/01/2041 1,290,000 2,648,750 2,648,750 2,650,694 1,944 100.07338%
12/01/2042 1,505,000 2,799,250 2,799,250 2,800,484 1,234 100.04410%
12/01/2043 1,570,000 2,789,000 2,789,000 2,793,999 4,999 100.17925%
12/01/2044 1,810,000 2,950,500 2,950,500 2,952,794 2,294 100.07775%
12/01/2045 1,895,000 2,945,000 2,945,000 2,948,803 3,803 100.12914%
12/01/2046 2,165,000 3,120,250 3,120,250 3,121,224 974 100.03121%
12/01/2047 2,270,000 3,117,000 3,117,000 3,117,507 507 100.01627%
12/01/2048 2,565,000 3,298,500 3,298,500 3,300,532 2,032 100.06161%
12/01/2049 2,690,000 3,295,250 3,295,250 3,296,540 1,290 100.03914%
12/01/2050 3,020,000 3,490,750 3,490,750 3,491,285 535 100.01532%
12/01/2051 6,395,000 6,714,750 (3,230,333) 3,484,417 3,489,121 4,704 100.13500%
35,560,000 77,528,000 (8,564,333) 68,963,667 70,034,588 1,070,921
10D-10
May 7, 2021 5:17 pm Prepared by Special District Group (Finance 8.600 Cottonwood Hollow Residential MD:G_050721-31R21SPG,31R21SPG)
SOURCES AND USES OF FUNDS
COTTONWOOD HOLLOW METROPOLITAN DISTRICT
Weld County, Colorado
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2031
55.664 Debt Service Mills
Investment Grade, 1.00x, 30-yr. Maturity
Service Plan
Dated Date 12/01/2031
Delivery Date 12/01/2031
Sources:
Bond Proceeds:
Par Amount 52,935,000.00
Other Sources of Funds:
Series 21 Reserve Fund 3,230,333.00
Funds on Hand (est.) 1,030,000.00
4,260,333.00
57,195,333.00
Uses:
Project Fund Deposits:
Project Fund 18,218,658.00
Refunding Escrow Deposits:
Cash Deposit 34,295,000.00
Other Fund Deposits:
Debt Service Reserve Fund 4,217,000.00
Cost of Issuance:
Other Cost of Issuance 200,000.00
Delivery Date Expenses:
Underwriter's Discount 264,675.00
57,195,333.00
11D-11
May 7, 2021 5:17 pm Prepared by Special District Group (Finance 8.600 Cottonwood Hollow Residential MD:G_050721-31R21SPG,31R21SPG)
BOND SUMMARY STATISTICS
COTTONWOOD HOLLOW METROPOLITAN DISTRICT
Weld County, Colorado
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2031
55.664 Debt Service Mills
Investment Grade, 1.00x, 30-yr. Maturity
Service Plan
Dated Date 12/01/2031
Delivery Date 12/01/2031
Last Maturity 12/01/2061
Arbitrage Yield 4.000000%
True Interest Cost (TIC)4.034630%
Net Interest Cost (NIC)4.021929%
All-In TIC 4.060961%
Average Coupon 4.000000%
Average Life (years)22.801
Duration of Issue (years)14.752
Par Amount 52,935,000.00
Bond Proceeds 52,935,000.00
Total Interest 48,279,200.00
Net Interest 48,543,875.00
Total Debt Service 101,214,200.00
Maximum Annual Debt Service 8,881,600.00
Average Annual Debt Service 3,373,806.67
Underwriter's Fees (per $1000)
Average Takedown
Other Fee 5.000000
Total Underwriter's Discount 5.000000
Bid Price 99.500000
Par Average Average
Bond Component Value Price Coupon Life
Term Bond due 2061 52,935,000.00 100.000 4.000% 22.801
52,935,000.00 22.801
All-In Arbitrage
TIC TIC Yield
Par Value 52,935,000.00 52,935,000.00 52,935,000.00
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount (264,675.00)(264,675.00)
- Cost of Issuance Expense (200,000.00)
- Other Amounts
Target Value 52,670,325.00 52,470,325.00 52,935,000.00
Target Date 12/01/2031 12/01/2031 12/01/2031
Yield 4.034630%4.060961%4.000000%
12D-12
May 7, 2021 5:17 pm Prepared by Special District Group (Finance 8.600 Cottonwood Hollow Residential MD:G_050721-31R21SPG,31R21SPG)
NET DEBT SERVICE
COTTONWOOD HOLLOW METROPOLITAN DISTRICT
Weld County, Colorado
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2031
55.664 Debt Service Mills
Investment Grade, 1.00x, 30-yr. Maturity
Service Plan
Period Total Debt Service Net
Ending Principal Coupon Interest Debt Service Reserve Fund Debt Service
12/01/2032 60,000 4.000% 2,117,400 2,177,400 2,177,400
12/01/2033 55,000 4.000% 2,115,000 2,170,000 2,170,000
12/01/2034 175,000 4.000% 2,112,800 2,287,800 2,287,800
12/01/2035 175,000 4.000% 2,105,800 2,280,800 2,280,800
12/01/2036 305,000 4.000% 2,098,800 2,403,800 2,403,800
12/01/2037 305,000 4.000% 2,086,600 2,391,600 2,391,600
12/01/2038 450,000 4.000% 2,074,400 2,524,400 2,524,400
12/01/2039 460,000 4.000% 2,056,400 2,516,400 2,516,400
12/01/2040 615,000 4.000% 2,038,000 2,653,000 2,653,000
12/01/2041 635,000 4.000% 2,013,400 2,648,400 2,648,400
12/01/2042 810,000 4.000% 1,988,000 2,798,000 2,798,000
12/01/2043 835,000 4.000% 1,955,600 2,790,600 2,790,600
12/01/2044 1,030,000 4.000% 1,922,200 2,952,200 2,952,200
12/01/2045 1,065,000 4.000% 1,881,000 2,946,000 2,946,000
12/01/2046 1,280,000 4.000% 1,838,400 3,118,400 3,118,400
12/01/2047 1,330,000 4.000% 1,787,200 3,117,200 3,117,200
12/01/2048 1,565,000 4.000% 1,734,000 3,299,000 3,299,000
12/01/2049 1,625,000 4.000% 1,671,400 3,296,400 3,296,400
12/01/2050 1,880,000 4.000% 1,606,400 3,486,400 3,486,400
12/01/2051 1,955,000 4.000% 1,531,200 3,486,200 3,486,200
12/01/2052 2,240,000 4.000% 1,453,000 3,693,000 3,693,000
12/01/2053 2,330,000 4.000% 1,363,400 3,693,400 3,693,400
12/01/2054 2,645,000 4.000% 1,270,200 3,915,200 3,915,200
12/01/2055 2,750,000 4.000% 1,164,400 3,914,400 3,914,400
12/01/2056 3,095,000 4.000% 1,054,400 4,149,400 4,149,400
12/01/2057 3,220,000 4.000%930,600 4,150,600 4,150,600
12/01/2058 3,600,000 4.000%801,800 4,401,800 4,401,800
12/01/2059 3,745,000 4.000%657,800 4,402,800 4,402,800
12/01/2060 4,160,000 4.000%508,000 4,668,000 4,668,000
12/01/2061 8,540,000 4.000% 341,600 8,881,600 4,217,000 4,664,600
52,935,000 48,279,200 101,214,200 4,217,000 96,997,200
13D-13
May 7, 2021 5:17 pm Prepared by Special District Group
SUMMARY OF BONDS REFUNDED
COTTONWOOD HOLLOW METROPOLITAN DISTRICT
Weld County, Colorado
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2031
55.664 Debt Service Mills
Investment Grade, 1.00x, 30-yr. Maturity
Service Plan
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
Series 21 Service Plan, 21SPG2, TERM51:
12/01/2032 5.000% 465,000.00 12/01/2031 100.000
12/01/2033 5.000% 480,000.00 12/01/2031 100.000
12/01/2034 5.000% 620,000.00 12/01/2031 100.000
12/01/2035 5.000% 645,000.00 12/01/2031 100.000
12/01/2036 5.000% 800,000.00 12/01/2031 100.000
12/01/2037 5.000% 830,000.00 12/01/2031 100.000
12/01/2038 5.000% 1,000,000.00 12/01/2031 100.000
12/01/2039 5.000% 1,045,000.00 12/01/2031 100.000
12/01/2040 5.000% 1,235,000.00 12/01/2031 100.000
12/01/2041 5.000% 1,290,000.00 12/01/2031 100.000
12/01/2042 5.000% 1,505,000.00 12/01/2031 100.000
12/01/2043 5.000% 1,570,000.00 12/01/2031 100.000
12/01/2044 5.000% 1,810,000.00 12/01/2031 100.000
12/01/2045 5.000% 1,895,000.00 12/01/2031 100.000
12/01/2046 5.000% 2,165,000.00 12/01/2031 100.000
12/01/2047 5.000% 2,270,000.00 12/01/2031 100.000
12/01/2048 5.000% 2,565,000.00 12/01/2031 100.000
12/01/2049 5.000% 2,690,000.00 12/01/2031 100.000
12/01/2050 5.000% 3,020,000.00 12/01/2031 100.000
12/01/2051 5.000% 6,395,000.00 12/01/2031 100.000
34,295,000.00
14
(Finance 8.600 Cottonwood Hollow Residential MD:G_050721-31R21SPG,31R21SPG)
D-14
May 7, 2021 5:17 pm Prepared by Special District Group
ESCROW REQUIREMENTS
COTTONWOOD HOLLOW METROPOLITAN DISTRICT
Weld County, Colorado
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2031
55.664 Debt Service Mills
Investment Grade, 1.00x, 30-yr. Maturity
Service Plan
Pay & Cancel Series 2021 (PC21)
Period Principal
Ending Redeemed Total
12/01/2031 34,295,000.00 34,295,000.00
34,295,000.00 34,295,000.00
15
(Finance 8.600 Cottonwood Hollow Residential MD:G_050721-31R21SPG,31R21SPG)
D-15
May 7, 2021 5:17 pm Prepared by Special District Group (Finance 8.600 Cottonwood Hollow Residential MD:G_050721-31R21SPG,31R21SPG)
PRIOR BOND DEBT SERVICE
COTTONWOOD HOLLOW METROPOLITAN DISTRICT
Weld County, Colorado
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2031
55.664 Debt Service Mills
Investment Grade, 1.00x, 30-yr. Maturity
Service Plan
Pay & Cancel Series 2021 (PC21)
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
06/01/2032 857,375 857,375
12/01/2032 465,000 5.000% 857,375 1,322,375 2,179,750
06/01/2033 845,750 845,750
12/01/2033 480,000 5.000% 845,750 1,325,750 2,171,500
06/01/2034 833,750 833,750
12/01/2034 620,000 5.000% 833,750 1,453,750 2,287,500
06/01/2035 818,250 818,250
12/01/2035 645,000 5.000% 818,250 1,463,250 2,281,500
06/01/2036 802,125 802,125
12/01/2036 800,000 5.000% 802,125 1,602,125 2,404,250
06/01/2037 782,125 782,125
12/01/2037 830,000 5.000% 782,125 1,612,125 2,394,250
06/01/2038 761,375 761,375
12/01/2038 1,000,000 5.000%761,375 1,761,375 2,522,750
06/01/2039 736,375 736,375
12/01/2039 1,045,000 5.000%736,375 1,781,375 2,517,750
06/01/2040 710,250 710,250
12/01/2040 1,235,000 5.000%710,250 1,945,250 2,655,500
06/01/2041 679,375 679,375
12/01/2041 1,290,000 5.000%679,375 1,969,375 2,648,750
06/01/2042 647,125 647,125
12/01/2042 1,505,000 5.000%647,125 2,152,125 2,799,250
06/01/2043 609,500 609,500
12/01/2043 1,570,000 5.000%609,500 2,179,500 2,789,000
06/01/2044 570,250 570,250
12/01/2044 1,810,000 5.000%570,250 2,380,250 2,950,500
06/01/2045 525,000 525,000
12/01/2045 1,895,000 5.000%525,000 2,420,000 2,945,000
06/01/2046 477,625 477,625
12/01/2046 2,165,000 5.000%477,625 2,642,625 3,120,250
06/01/2047 423,500 423,500
12/01/2047 2,270,000 5.000%423,500 2,693,500 3,117,000
06/01/2048 366,750 366,750
12/01/2048 2,565,000 5.000%366,750 2,931,750 3,298,500
06/01/2049 302,625 302,625
12/01/2049 2,690,000 5.000%302,625 2,992,625 3,295,250
06/01/2050 235,375 235,375
12/01/2050 3,020,000 5.000%235,375 3,255,375 3,490,750
06/01/2051 159,875 159,875
12/01/2051 6,395,000 5.000%159,875 6,554,875 6,714,750
34,295,000 24,288,750 58,583,750 58,583,750
16D-16
May 7, 2021 5:17 pm Prepared by Special District Group
BOND SOLUTION
COTTONWOOD HOLLOW METROPOLITAN DISTRICT
Weld County, Colorado
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2031
55.664 Debt Service Mills
Investment Grade, 1.00x, 30-yr. Maturity
Service Plan
Period Proposed Proposed Debt Service Total Adj Revenue Unused Debt Serv
Ending Principal Debt Service Adjustments Debt Service Constraints Revenues Coverage
12/01/2032 60,000 2,177,400 2,177,400 2,182,496 5,096 100.23405%
12/01/2033 55,000 2,170,000 2,170,000 2,174,077 4,077 100.18788%
12/01/2034 175,000 2,287,800 2,287,800 2,290,610 2,810 100.12281%
12/01/2035 175,000 2,280,800 2,280,800 2,282,634 1,834 100.08043%
12/01/2036 305,000 2,403,800 2,403,800 2,404,338 538 100.02238%
12/01/2037 305,000 2,391,600 2,391,600 2,394,984 3,384 100.14151%
12/01/2038 450,000 2,524,400 2,524,400 2,525,664 1,264 100.05006%
12/01/2039 460,000 2,516,400 2,516,400 2,517,837 1,437 100.05710%
12/01/2040 615,000 2,653,000 2,653,000 2,658,005 5,005 100.18864%
12/01/2041 635,000 2,648,400 2,648,400 2,650,694 2,294 100.08660%
12/01/2042 810,000 2,798,000 2,798,000 2,800,484 2,484 100.08879%
12/01/2043 835,000 2,790,600 2,790,600 2,793,999 3,399 100.12181%
12/01/2044 1,030,000 2,952,200 2,952,200 2,952,794 594 100.02012%
12/01/2045 1,065,000 2,946,000 2,946,000 2,948,803 2,803 100.09515%
12/01/2046 1,280,000 3,118,400 3,118,400 3,121,224 2,824 100.09055%
12/01/2047 1,330,000 3,117,200 3,117,200 3,117,507 307 100.00985%
12/01/2048 1,565,000 3,299,000 3,299,000 3,300,532 1,532 100.04644%
12/01/2049 1,625,000 3,296,400 3,296,400 3,296,540 140 100.00424%
12/01/2050 1,880,000 3,486,400 3,486,400 3,491,285 4,885 100.14011%
12/01/2051 1,955,000 3,486,200 3,486,200 3,489,121 2,921 100.08378%
12/01/2052 2,240,000 3,693,000 3,693,000 3,696,885 3,885 100.10521%
12/01/2053 2,330,000 3,693,400 3,693,400 3,696,885 3,485 100.09437%
12/01/2054 2,645,000 3,915,200 3,915,200 3,918,939 3,739 100.09549%
12/01/2055 2,750,000 3,914,400 3,914,400 3,918,939 4,539 100.11594%
12/01/2056 3,095,000 4,149,400 4,149,400 4,154,315 4,915 100.11845%
12/01/2057 3,220,000 4,150,600 4,150,600 4,154,315 3,715 100.08950%
12/01/2058 3,600,000 4,401,800 4,401,800 4,403,814 2,014 100.04575%
12/01/2059 3,745,000 4,402,800 4,402,800 4,403,814 1,014 100.02302%
12/01/2060 4,160,000 4,668,000 4,668,000 4,668,283 283 100.00605%
12/01/2061 8,540,000 8,881,600 (4,217,000) 4,664,600 4,668,283 3,683 100.07895%
52,935,000 101,214,200 (4,217,000) 96,997,200 97,078,098 80,898
17
(Finance 8.600 Cottonwood Hollow Residential MD:G_050721-31R21SPG,31R21SPG)
D-17
EXHIBIT E
Capital Plan - List of Public Improvements
E-1
E-2
SS
S
S S S
S
S SS S S S
S
S S S S S S S
GGGG G G GGGGG
55544WWWWWW W W W W
W W W W W W
WW
SSGGGGGGGGG
G
GG G
G
GGG G
G
GG G G G G GGGGGGG
G G G G G G G GGGGGGGGG
SWSWSWSWSWWSSWSWSWSWSWSWSWSWSWWSSWWSWSSWSWSWW SWSWSWSWSWSWSWSWSWSS WSWSWSWSWSWSWWSSW WS
W
S
WSW S
W S
SWWSWSSWWSWSWSWSWSWSWSW S W S W S W S
WSWSWSWS
SWWSWSWSWSWS
W
SWSWSWSWS SWWSWSWSWSW S
W S
S WS
WWS MM
W W WWWWW
WWWWWWWWWWW WS
SS SS
SSSSWWWGGGGGGGGGGGGGGGGGGGGGGE E
E
E E
E E E EEEEE
E
E E WWW W W W WSFOFOFOFOFOCOTTONWOOD HOLLOW OPINION OF PROBABLE COST
STORM SEWER EXHIBIT
SCALE: 1" = 200'4/30/21
ARBOR WAY
ARBOR WAY
SABLE AVESTORM SEWER (TYP)
SS
S
S S S
S
S SS S S S
S
S S S S S S S
GGGG G G GGGGG
55544WWWWWW W W W W
W W W W W W
WW
SSGGGGGGGGG
G
GG G
G
GGG G
G
GG G G G G GGGGGGG
G G G G G G G GGGGGGGGG
SWSWSWSWSWWSSWSWSWSWSWSWSWSWSWWSSWWSWSSWSWSWW SWSWSWSWSWSWSWSWSWSS WSWSWSWSWSWSWWSSW WS
W
S
WSW S
W S
SWWSWSSWWSWSWSWSWSWSWSW S W S W S W S
WSWSWSWS
SWWSWSWSWSWS
W
SWSWSWSWS SWWSWSWSWSW S
W S
S WS
WWS MM
W W WWWWW
WWWWWWWWWWW WS
SS SS
SSSSWWWGGGGGGGGGGGGGGGGGGGGGGE E
E
E E
E E E EEEEE
E
E E WWW W W W WSFOFOFOFOFOCOTTONWOOD HOLLOW OPINION OF PROBABLE COST
WATER MAIN EXHIBIT
SCALE: 1" = 200'4/30/21
8" WATER MAIN (TYP)SABLE AVEARBOR WAY
ARBOR WAY
SS
S
S S S
S
S SS S S S
S
S S S S S S S
GGGG G G GGGGG
55544WWWWWW W W W W
W W W W W W
WW
SSGGGGGGGGG
G
GG G
G
GGG G
G
GG G G G G GGGGGGG
G G G G G G G GGGGGGGGG
SWSWSWSWSWWSSWSWSWSWSWSWSWSWSWWSSWWSWSSWSWSWW SWSWSWSWSWSWSWSWSWSS WSWSWSWSWSWSWWSSW WS
W
S
WSW S
W S
SWWSWSSWWSWSWSWSWSWSWSW S W S W S W S
WSWSWSWS
SWWSWSWSWSWS
W
SWSWSWSWS SWWSWSWSWSW S
W S
S WS
WWS MM
W W WWWWW
WWWWWWWWWWW WS
SS SS
SSSSWWWGGGGGGGGGGGGGGGGGGGGGGE E
E
E E
E E E EEEEE
E
E E WWW W W W WSFOFOFOFOFOCOTTONWOOD HOLLOW OPINION OF PROBABLE COST
SANITARY SEWER EXHIBIT
SCALE: 1" = 200'4/30/21
12" SANITARY SEWER MAIN EXTENSION
8" SANITARY SEWER (TYP)SABLE AVE
SS
S
S S S
S
S SS S S S
S
S S S S S S S
GGGG G G GGGGG
55544WWWWWW W W W W
W W W W W W
WW
SSGGGGGGGGG
G
GG G
G
GGG G
G
GG G G G G GGGGGGG
G G G G G G G GGGGGGGGG
SWSWSWSWSWWSSWSWSWSWSWSWSWSWSWWSSWWSWSSWSWSWW SWSWSWSWSWSWSWSWSWSS WSWSWSWSWSWSWWSSW WS
W
S
WSW S
W S
SWWSWSSWWSWSWSWSWSWSWSW S W S W S W S
WSWSWSWS
SWWSWSWSWSWS
W
SWSWSWSWS SWWSWSWSWSW S
W S
S WS
WWS MM
W W WWWWW
WWWWWWWWWWW WS
SS SS
SSSSWWWGGGGGGGGGGGGGGGGGGGGGGE E
E
E E
E E E EEEEE
E
E E WWW W W W WSFOFOFOFOFOCOTTONWOOD HOLLOW OPINION OF PROBABLE COST
SANITARY SEWER EXHIBIT
SCALE: 1" = 200'4/30/21
COLLECTOR
LOCAL
ALLEY
ARTERIAL
WORK ITEM
EROSION CONTROL
Concrete Washout
Construction Fence
Inlet protection
Outlet protection
Silt fence-Reinforced
Seed and Mulch
Stabilized Staging Area
Vehicle tracking pad
Temporary Sediment Basin
Subtotal
EARTHWORK
Fill Quantities
Cut Quantities
Erosion Control
Subtotal
ROADWAY
Street subgrade preparation
Base Course
Asphalt (8" Thick)
6" Vertical Curb & Gutter
Mountable Curb & Gutter
Concrete sidewalk, 4.75' wide, 4" thick
Concrete sidewalk 8.0' wide 4" thick
Handi-Cap Ramps
Cross Pan / Curb Returns
Signage and Striping
Street Lighting -Cobra Head
Street Lights (Residential)
Traffic Control
Manhole Adjustment
2019 04-23 Cottonwood Hollow Fl SA
(Schedule of Improvements)
Cottonwood Hollow, Filing 1
Utility Cost/ Quantity Estimate
1
2,400
15
4
8,750
23
1
1
2
64,705
57,993
1
29,700
29,700
27,400
455
7,600
6,725
455
20
6
1
3
8
1
6
E-7
Date January 11, 2019
QUANTITY UNIT UNIT ESTIMATED
COST COST
EA $750 $750
LF $1 $2,400
EA $300 $4,500
EA $300 $1,200
LF $1 $8,750
AC $850 $19,805
EA $1,300 $1,300
EA $1,900 $1,900
EA $3,500 $7,000
$47,605
CY $3 $161,763
CY $3 $144,983
LS $3,500 $3,500
$310,245
SY $2 $59,400
SY $12 $356,400
SY $27 $739,800
LF $20 $9,100
LF $25 $190,000
LF $18 $121,050
LF $32 $14,560
EA $2,500 $50,000
EA $2,500 $15,000
LS $1,500 $1,500
EA $5,000 $15,000
EA $1,500 $12,000
LS $4,000 $4,000
EA $600 $3,600
Valve Box Adjustments
Saw Cut
Asphalt Saw cut and Tee Patch
Subtotal
STORM SEWER
18" Pipe Reinforced Concrete Pipe (RCP)
18" Flared End Section RCP
24" Pipe Reinforced Concrete Pipe (RCP)
24" Flared End Section RCP
30" Pipe Reinforced Concrete Pipe (RCP)
30" Flared End Section RCP
36" Pipe Reinforced Concrete Pipe (RCP)
48" Pipe ADS
48" Pipe Reinforced Concrete Pipe (RCP)
48" Flared End Section CMP
48" Flared End Section RCP
Manhole, 4' dia.
Manhole, 5' dia.
Manhole, 6' dia.
Headwall/Wing wall
Outlet Structures
5' Type "R" Inlet
10' Type "R" Inlet
15' Type "R" Inlet
2' Cone. Pan -4" Thick
CDOT T-Base Manhole
Cottonwood Hollow, Filing 1
Utility Cost / Quantity Estimate
29
96
48
540
9
283
2
230
4
178
10
250
1
1
2
2
1
2
2
1
2
5
115
1
15' Type "R" Inlet w/ Modified Grate (Interim Inlet 200) 1
Type "C" Inlet
Subtotal
IRRIGATION DITCH
30" Pipe Reinforced Concrete Pipe (RCP)
Manhole, 5' dia.
30" Flared End Section RCP
Box Culvert 48" x 96"
Headwall/Wing wall
Subtotal
WATER SYSTEM -POTABLE
Connect to existing line
8" Pipe PVC C-900, Class 150
8" Gate valve
2019 04-23 Cottonwood Hollow Fl SA
E-8
1
1,523
5
2
158
2
2
8,245
16
EA
LF
LF
LF
EA
LF
EA
LF
EA
LF
LF
LF
EA
EA
EA
EA
EA
LS
EA
EA
EA
EA
LF
EA
EA
EA
LF
EA
EA
LF
LS
EA
LF
EA
$500
$2
$22
$60
$700
$70
$800
$90
$1,000
$100
$60
$135
$600
$2,000
$3,500
$4,200
$5,500
$5,000
$2,700
$4,200
$4,600
$5,000
$12
$2,800
$5,000
$2,100
$90
$4,200
$1,000
$400
$5,000
$1,200
$25
$1,600
$14,500
$168
$1,056
$1,607,134
$32,400
$6,300
$19,810
$1,600
$20,700
$4,000
$17,800
$600
$33,750
$600
$2,000
$7,000
$8,400
$5,500
$10,000
$5,400
$4,200
$9,200
$25,000
$1,380
$2,800
$5,000
$2,100
$225,540
$137,070
$21,000
$2,000
$63,200
$10,000
$233,270
$2,400
$206,125"
$25,600
8" Bend Fittings
21" Pipe Steel Casing
12" Pipe PVC C-900, Class 150
12" Gate valve
12" Bend Fittings
26" Steel Casing
11
6 Ductile Iron
Fire Hydrant Assembly
Waterline Lowering
Air and Vacuum Valve Vault
Subtotal
IRRIGATION SYSTEM
Connect to proposed line
3/4" Irrigation Service Meter
1" Irrigation Service Meter
Sprinkler heads
Irrigation Control Valve
8 Station Controller
1" Copper
3" Sleeve
6" Sleeve
1" Irrigation Line
1-1/4" Irrigation Line
1-1/2" Irrigation Line
1/2" Irrigation Drip Line
Subtotal
SANITARY SEWER SYSTEM
811 PVC pipe SOR 35
Manhole, 4' dia.
Sanitary sewer services
Subtotal
SUBTOTAL CONSTRUCTION
TOTAL CONSTRUCTION
2019 04-23 Cottonwood Hollow Fl SA
Cottonwood Hollow, Filing 1
Utility Cost I Quantity Estimate
55 EA
80 LF
6,563 LF
8 EA
29 EA
80 LF
418.5 LF
10 EA
EA
1 EA
3 EA
1 EA
2 EA
145 EA
20 EA
2 EA
110 LF
625 LF
625 LF
3,150 LF
340 LF
650 LF
900 LF
4,925 LF
25 EA
86 EA
$450
$112
$36
$3,000
$650
$175
$30
$2,500
$4,500
$1,500
$12
$500
$500
$3
$10
$50
$2
$2
$3
$3
$3
$4
$2
CONTINGENCIES@ 15%
E-9
$24,750
$8,960
$236,268
$24,000
$18,850
$14,000
$12,555
$25,000
$40,500
$1,500
$640,508
$36
$500
$1,000
$435
$200
$100
$220
$938
$1,875
$7,875
$1,020
$2,275
$1,800
$14,199
$132,975
$57,500
$49,450
$239,925
$3,308,426
$496,264
$3,804,690
EXHIBIT F
Special District Disclosure
SPECIAL DISTRICT DISCLOSURE
ATTENTION HOMEBUYER: You are purchasing a home that is located within Cottonwood Hollow
Residential Metropolitan District (the “District”). This District has the authority to issue bonds or other debt
to pay for public improvements and the authority to levy taxes and fees on all properties within the District
for debt repayment and ongoing operations and maintenance.
Name of District: Cottonwood Hollow Residential Metropolitan District
Contact Information for District:
District Website:
District Boundaries: See attached map. It is conceivable that additional boundary
adjustments may be made to include or exclude property
from the District. Any such boundary adjustment is subject to
prior approval by the owners of the property and must be
considered at a public hearing of the District's Board of
Directors.
Purpose of the District: The District was organized pursuant to C.R.S. § 32-1-101 et
seq. The District was created to assist with the planning,
design, acquisition, construction, installation, operation,
maintenance, relocation, and financing of certain public
improvements serving the Cottonwood Hollow project located
in the Town of Firestone, Colorado (the "Town") and
described further in the District’s Service Plan.
The District may dedicate certain public improvements to the
Town or other service provider. The operations and
maintenance of public improvements dedicated to the Town
or other service provider shall rest with the Town or other
service provider as the case may be.
Public improvements not dedicated to the Town or other
service provider may be owned, operated, and maintained by
the District. The District has authority to impose property
taxes and other fees, rates, tolls, penalties, or charges to fund
the construction and operation and maintenance of
improvements as set forth in the Service Plan.
A copy of the District’s Service Plan can be found on the
District’s website or by contacting the District at the District
contact information above.
F-1
Owners Associations: Certain services may be provided within the District by one or
more property owner associations organized as Colorado non-
profit organizations. If a property owners association is
established, property owners will be subject to fees and
assessments payable to the association which will be separate
from and in addition to any fees or assessments payable to
the District.
Authorized Types of District Taxes: Debt Mill Levy and Operating Mill Levy
These mill levies result in taxes you will owe to the District and
are described further below.
District’s Total Debt Issuance Authorized per
District’s Service Plan:
$
District Improvements Financed by Debt: The District intends to, or has already issued debt to pay for
the following public improvements: [list major Public
Improvement categories, and where appropriate identify
specific improvements by name (i.e. specific roads, parks,
etc.)]
Maximum Debt Mill Levy that may be levied
annually on properties within the District to
pay back debt:
Maximum Debt Mill Levy: ______ Mills
This Mill Levy may fluctuate based on changes in assessment
rates.
[depending on service plan amendments, add info about the
Board potentially being able to change the Debt Mill Levy]
Ongoing Operations and Maintenance
Services of the District:
The District intends to impose an Operating Mill Levy to pay
for [list eligible ongoing administration, operating and
maintenance obligations]
Maximum Operating Mill Levy that may be
levied annually on properties within the
District to pay for the ongoing operations and
maintenance described above.
Maximum Operating Mill Levy: __ Mills
This Mill Levy may fluctuate based on changes to residential
assessment rates.
The Operating Mill Levy is distinct from the Debt Mill Levy
taxes and cannot be used to repay Debt.
[depending on service plan amendments, add info about the
Board potentially being able to change the Debt Mill Levy]
District Fees:
F-2
Other Taxing Entities to which you will pay
taxes to:
** This information is based upon the
property taxes levied on property within the
District imposed in 20__ for collection in
20__, and is intended only to provide
approximations of the total overlapping mill
levies within the District. The stated mill
levies are subject to change and you should
contact the Jefferson County Assessor's
office to obtain the most accurate and up to
date information.
[List all taxing entities and current mill levies within the
District
Boundaries as identified by the Weld County Assessor,
including mille levies and annual tax levied for prior fiscal
year]
Sample Calculation of Taxes Owed for a Residential Property within the District:
Assumptions:
Average market value of home in District is $
Debt Mill Levy is 50 mills
Operating Mill Levy is 10 mills
Total Metropolitan District mill levies = 60 mills
Calculation of Metropolitan District Taxes:
$ x .0715 = $ (Assessed Valuation)
$ x .060 mills = $ per year in taxes owed solely to the Metro District
Total Additional Mill Levies from Other Taxing Entities: mills = $ annual taxes
TOTAL [YEAR] PROPERTY TAXES FOR A HOME COSTING $ = $
F-3
EXHIBIT G
Intergovernmental Agreement
G-1
SECOND AMENDED AND RESTATED
INTERGOVERNMENTAL AGREEMENT BETWEEN
THE TOWN OF FIRESTONE, COLORADO AND THE
COTTONWOOD HOLLOW RESIDENTIAL METROPOLITAN DISTRICT
THIS AGREEMENT is made and entered into as of this ___day of _______, 2021, by and
between the TOWN OF FIRESTONE, a home rule municipal corporation of the State of Colorado
(the “Town”), and the COTTONWOOD HOLLOW RESIDENTIAL METROPOLITAN
DISTRICT, a quasi-municipal corporation and political subdivision of the State of Colorado (the
“District”). The Town and the District are collectively referred to as the Parties.
WITNESSETH:
WHEREAS, C.R.S. § 29-1-203 authorizes the Parties to cooperate and contract with one
another regarding functions, services and facilities each is authorized to provide; and
WHEREAS, the District was organized to provide those services and to exercise powers as
are more specifically set forth in the District’s Second Amended and Restated Service Plan approved
by the Town on May 26, 2021 (the “Service Plan”); and
WHEREAS, the Service Plan makes reference to and requires the execution of an
intergovernmental agreement between the Town and the District; and
WHEREAS, the Town has approved the ________ plat for the Property; and
WHEREAS, the Parties have determined that any capitalized term not specifically defined in
this Agreement shall have that meaning as set forth in the Service Plan; and
WHEREAS, the Parties have determined it to be in the best interests of their respective
taxpayers, residents and property owners to enter into this Intergovernmental Agreement
(“Agreement”) to comply with the Service Plan and to address certain matters related to the
organization, powers and authorities of the District.
NOW, THEREFORE, in consideration of the covenants and mutual agreements herein
contained, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties hereto agree as follows:
1. Operations and Maintenance. The District shall dedicate the Public Improvements
(as defined in the Service Plan) to the Town or other appropriate jurisdiction or owners association
in a manner consistent with the Approved Development Plan, the Service Plan, this Agreement, and
other rules and regulations of the Town, and applicable provisions of the Town Code. The District
is authorized, but not obligated, to own, operate and maintain Public Improvements not otherwise
required to be dedicated to the Town or other public entity, including, but not limited to street
improvements (including roads, curbs, gutters, culverts, sidewalks, bridges, parking facilities,
paving, lighting, grading, landscaping, and other street improvements), traffic and safety controls,
retaining walls, park and recreation improvements and facilities, trails, open space, landscaping,
drainage improvements (including detention and retention ponds, trickle channels, and other
drainage facilities), irrigation system improvements (including wells, pumps, storage facilities, and
distribution facilities), and all necessary equipment and appurtenances incident thereto.
G-2
Notwithstanding the foregoing, all parks and trails owned by the District shall by open to the general
public free of charge.The District may provide covenant enforcement, design review services and
other services to the residents, owners and taxpayers within the District pursuant to and in
accordance with § 32-1-1004(8) C.R.S. The District may impose a mill levy, Special Assessments
and/or Fees to pay for Operation and Maintenance Costs in accordance with the Service Plan.
2.Fire Protection. The District shall not be authorized to plan for, design, acquire,
construct, install, relocate, redevelop, finance, operate or maintain fire protection facilities or
services, unless specifically provided for pursuant to an intergovernmental agreement with the
Town and the Firestone Fire Protection District. This provision shall not limit the District’s authority
to plan for, design, acquire, construct, install, relocate, redevelop or finance fire hydrants and related
improvements installed as part of the water system.
3.Television Relay and Translation; Mosquito Control, and Other Limitations. The
District shall not be authorized to plan for, design, acquire, construct, install, relocate, redevelop,
finance, operate, maintain, or provide: (a) any television relay and translation facilities and services,
other than for the installation of conduit as a part of a street construction project; (b) any mosquito
control facilities and services; and (c) any solid waste disposal, collection and transportation
facilities and services, unless specifically provided for in a separate agreement with the Town.
4.Construction Standards. The District will ensure that the Public Improvements
constructed by the District are designed and constructed in accordance with the standards and
specifications of the Town and of federal and state governmental entities having proper jurisdiction.
The District will obtain the Town’s approval of civil engineering plans and will obtain applicable
permits for construction and installation of Public Improvements prior to performing such work.
5.Issuance of Privately Placed Debt. Prior to the issuance of any privately placed Debt,
the District shall obtain the certification of an External Financial Advisor substantially as follows:
We are [I am] an External Financial Advisor within the meaning of
the District’s Service Plan.
We [I] certify that (1) the net effective interest rate (calculated as
defined in Section 32-1-103(12), C.R.S.) to be borne by the District
for the [insert the designation of the Debt] does not exceed a market
[tax-exempt] [taxable] interest rate, using criteria deemed appropriate
by us [me] and based upon our [my] analysis of comparable high
yield securities; and (2) the structure of [insert designation of the
Debt], including maturities and early redemption provisions, is
reasonable considering the financial circumstances of the District.
6.Inclusion and Exclusion. The District shall not include within its boundaries any
property outside the Service Area (as defined in the Service Plan) without the prior written consent
of the Town, as evidenced by resolution of the Town Board of Trustees. The District shall not
exclude any property from the District if such exclusion will result, or is reasonably anticipated to
result, in detriment to the remaining residents and taxpayers within the District, or to the District’s
bondholders.
7.Total Debt Issuance. The District shall not issue Debt in excess of $55,000,000
G-3
The debt issuance limitation shall not be applicable to refunding or refinancing of Debt authorized
to be issued pursuant to the Service Plan. At no time may the District have Debt outstanding in
excess of the Total Debt Limit.
8.Monies from Other Governmental Sources. The District shall not apply for or accept
Conservation Trust Funds, Great Outdoors Colorado Funds, or other funds available from or
through governmental or non-profit entities that the Town is eligible to apply for, except as may be
specifically provided for herein. This Section shall not apply to specific ownership taxes which shall
be distributed to and constitute a revenue source for the District without any limitation.
9.Consolidation; Dissolution. The District shall not file a request with any Court to
consolidate with another Title 32 district without the prior written consent of the Town, as evidenced
by resolution of the Town Board of Trustees. The District agrees that it shall take all action
necessary to dissolve the District in accordance with the provisions of the Service Plan and
applicable state statutes.
10.Service Plan Amendment Requirement. Any action of the District which violates the
limitations set forth in Sections V.A.1-24 or VI.B-H of the Service Plan, or which constitutes a
material modification under the Town Code, shall be deemed to be a material modification to the
Service Plan and the Town shall be entitled to all remedies available under State and local law to
enjoin any such action(s) of the District. The Town may also seek damages for breach of this
Agreement arising from violations by the District of any provision of the Service Plan.
11.Applicable Laws. The District acknowledges that the property within its boundaries
shall be subject to all ordinances, rules and regulations of the Town, including without limitation,
ordinances, rules and regulations relating to zoning, subdividing, building and land use, and to all
related Town land use policies, master plans and related plans.
12.Annual Report. The District shall submit an annual report (“Annual Report”) to the
Town no later than June 30th of each year following the year in which the Order and Decree creating
the District has been issued, containing the information set forth in Section VIII of the Service Plan.
13.Notices. All notices, certificates or other communications hereunder shall be
sufficiently given and shall be deemed given when given by hand delivery, overnight delivery,
mailed by certified or registered mail, postage prepaid, delivered electronically (if confirmed
promptly telephonically) or dispatched by telegram or telecopy (if confirmed promptly
telephonically), addressed to the following address or at such other address or addresses as any party
hereto shall designate in writing to the other party hereto:
To Town: Town of Firestone
151 Grant Ave.
Firestone, Colorado 80102
Attention: Town Manager
To District: Cottonwood Hollow Residential
Metropolitan District
c/o White Bear Ankele Tanaka & Waldron
2154 East Commons Avenue, Suite 2000
Centennial, CO 80122
G-4
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.
14.Miscellaneous.
a.Effective Date. This Agreement shall be in full force and effect and be legally binding
upon final approval of the governing bodies of the Parties.
b.Nonassignability. No party to this Agreement may assign any interest therein to any
person without the consent of the other party hereto at that time, and the terms
of this Agreement shall inure to the benefit of and be binding upon the respective
representatives and successors of each party hereto.
c.Amendments. This Agreement may be amended from time to time by written
amendment, duly authorized and signed by representatives of the parties hereto.
d.Severability. If any section, subsection, paragraph, clause, phrase, or other provision
of this Agreement shall for any reason be held to be invalid or unenforceable, the
invalidity or unenforceability of such section, subsection, paragraph, clause, phase,
or other provision shall not affect any of the remaining provisions of this Agreement.
e. Execution of Documents. This Agreement may be executed in two (2) counterparts,
either of which shall be regarded for all purposes as one original. Each party agrees
that it will execute any and all deeds, instruments, documents, and resolutions or
ordinances necessary to give effect to the terms of this Agreement.
f.Waiver. No waiver by either party of any term or condition of this Agreement shall
be deemed or construed as a waiver of any other term or condition, nor shall a
waiver of any breach be deemed to constitute a waiver of any subsequent breach,
whether of the same or of a different provision of this Agreement.
g.Default/Remedies. In the event of a breach or default of this Agreement by any party,
the non-defaulting party shall be entitled to exercise all remedies available at law or
in equity, specifically including suits for specific performance and/or monetary
damages. In the event of any proceeding to enforce the terms, covenants or
conditions hereof, the prevailing party in such proceeding shall be entitled to obtain
as part of its judgment or award its reasonable attorneys' fees.
h. Governing Law and Venue. This Agreement shall be governed and construed under
the laws of the State of Colorado. Venue for all actions brought hereunder shall be
in the District Court in and for Weld County.
i.Inurement. Each of the terms, covenants and conditions hereof shall be binding upon
G-5
and inure to the benefit of the Parties hereto and their respective successors and
assigns.
j.Paragraph Headings. Paragraph headings are inserted for convenience of reference
only.
k.No Third Party Beneficiaries. No person or entity who or which is not a party to this
Agreement will have any right of action under this Agreement.
l. Entirety. This Agreement merges and supersedes all prior negotiations,
representations, and agreements between the parties hereto relating to the subject
matter hereof and this Agreement, together with the Service Plan provisions that
serve to supplement or complement this Agreement, constitutes the entire agreement
between the Parties concerning the subject matter hereof. Any previous
intergovernmental agreements between the Parties concerning the subject matter
hereof are superseded by this Agreement.
G-6
IN WITNESS WHEREOF, this Agreement is executed by the Town and the District as of
the date first above written.
TOWN OF FIRESTONE, COLORADO
________________________________
________, Mayor
ATTEST:
____________________________________
_______, Town Clerk
ATTEST:
_____________________________________
_______, Secretary
COTTONWOOD HOLLOW RESIDENTIAL
METROPOLITAN DISTRICT
BY: __________________________________
President
ATTEST:
By: _________________________________
Secretary
G-7