Metropolitan Districts. The Town has approved the Service Plans for the Districts to the extent they serve those portions of the FDP Properties now or hereafter owned in fee by the Owners, and the Town agrees that the Districts may exercise any and all powers and functions permitted by law in accordance with their Service Plans, including the provision of facilities and services to the FDP Properties. Any of the Districts may undertake to finance the design, construction, maintenance, and operation, as applicable, of District-eligible Public Improvements. Wherever this Agreement or the Development Guide Agreement obligates any of the Owners, any of the Districts may perform such obligation and the Town will accept such District’s performance of such obligations and allow the District to provide any collateral required by the Town with respect to any Public Improvements, including a separate letter of credit or other acceptable collateral approved by the Town guaranteeing the completion of the Public Improvements.
Metropolitan Districts. The parties acknowledge that metropolitan districts are subject to the requirements of Colorado law and City Code, including the City’s Special District Policy.
Metropolitan Districts. At the Town’s election, but not as a requirement of this Agreement, add an Article to the Code that creates a generally applicable process for metropolitan district formation and adopts a model service plan.
