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The occurrence of any of the following actions, events or conditions, subsequent to the date of approval of the service plan or most recent amendment thereto, shall constitute material modifications requiring a service plan amendment:

a. Default in the payment of principal or interest of any District bonds, notes, certificates, debentures, contracts or other evidences of indebtedness or borrowing issued or incurred by the District which:

1. Persists for a period of one hundred twenty (120) days or more;

2. The defaulted payment aggregates either fifty thousand dollars ($50,000.00) or ten percent (10%) of the outstanding principal balance of the indebtedness, whichever is less; and

3. The creditors have not agreed in writing with the District to forbear from pursuit of legal remedies.

b. The failure of the District to develop, cause to be developed or consent to the development by others of any capital facility proposed in its service plan when necessary to service approved development within the District.

c. Failure of the District to realize at least seventy-five percent (75%) of the development revenues (including developer contributions, loans or advances) projected in the financial portion of the service plan during the three-year period ending with the report year, where development revenue is defined as fees, exactions and charges imposed by the District on residential and commercial development, excluding taxes, provided that the disparity between projected and realized revenue exceeds fifty thousand dollars ($50,000.00).

d. The development of any capital facility in excess of one hundred thousand dollars ($100,000.00) in cost, which is not either identified in the service plan or authorized by the Town in the course of a separate development approval, excluding bona fide cost projection miscalculations; and state or federally mandated improvements, particularly water or sanitation facilities.

e. The occurrence of any event or condition which is defined under the service plan or intergovernmental agreement as necessitating a service plan amendment.

f. The material default by the District under any intergovernmental agreement with the Town.

g. Any of the events or conditions enumerated in Section 32-1-207(2), C.R.S., as amended. (Ord. 791, 2005; Ord. 846, 2006)