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a. The petition for amendment. Except as otherwise provided in the approved service plan and except when the Town Board has determined that no material modification has occurred pursuant to Section 14.4 (Material Modification, above), within ninety (90) days of the occurrence of an action, event or condition enumerated in Section 14.4 (Material Modification, above), the Board shall forward an appropriate petition to the Town Board for approval requesting a service plan amendment. The petition for amendment shall include:

1. Any information or documentation required under the applicable provisions of the Special District Act;

2. Any material changes since the service plan was last reviewed and approved by the Town Board to any of the information, assumptions or projections furnished in conjunction with the petition for approval of organization of a District or contained in the service plan;

3. A detailed explanation of the activity, events or conditions which resulted in the material modification, including what action was taken or alternatives considered, if any, by the District to avoid the action, event or condition;

4. The impact of the material modification on the District’s ability to develop the capital facilities and infrastructure necessary to meet its capital development plan;

5. The effect of the material modification on the District’s ability to retire as scheduled its outstanding financial obligations and its ability to issue and market additional indebtedness, if any;

6. A current financial plan for the District reflecting development absorption rates anticipated within the District’s service area, projected annual revenues and expenditures based upon such projected absorption rates, debt issuance and amortization schedules and a projection of anticipated capital outlays;

7. The financial impact of the modification on existing residents of the District;

8. An updated five-year capital improvements plan; and

9. What alternatives or options are available to the District if the requested amendment is not approved.

b. Process and review. All of the required information shall be supported by appropriate technical analysis, reports and supporting documents of qualified professionals and consultants. The amendment shall be processed and reviewed in the same manner as prescribed by this Article for an initial service plan, except that the submittal requirements of this Section shall be substituted for those of Section 14.13 (Filing a Proposed Service Plan, below), and the application fee shall be two hundred fifty dollars ($250.00). This Section shall not impair the right of the Town to bring an action in the district court to enjoin the activities of the District pursuant to Section 32-l-207(3)(b), C.R.S., as amended. (Ord. 791, 2005; Ord. 846, 2006)