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<br />SECTION 4 - BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED) <br /> <br />At its July 2004 meeting. the CWCB approved a Small Project Loan from the Construction <br />Fund to the BORROWER in an amount up to $68.625 for PROJECT costs plus $686 for the <br />1 % loan service charge for a total loan amount of $69.311. with repayment terms of 3.50% <br />per annum for 30 years. <br /> <br />SECTION 5 - SCHEDULE OF EXISTING DEBT <br /> <br />Water Enterprise Fund has no existing long-term debt. Town of Hillrose obtained <br />temporary financing for the water rights purchase in the amount of $74,425. The <br />financing obtained through this Loan Contract will be used to payoff the Town's <br />temporary financing. <br /> <br />SECTION 6 - ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br /> <br />No additional Board requirements. <br /> <br />SECTION 7 - CONSTRUCTION FUND PROGRAM PROCEDURES FOR WATER PURCHASE <br />PROJECTS. <br /> <br />A. The BORROWER must submit a written appraisal or opinion of value from a qualified <br />water rights appraiser supporting the purchase price prior to disbursal of loan <br />funds. <br /> <br />B. The BORROWER shall pay all of the expenses related to the PROJECT when such <br />bills are due. <br /> <br />SECTION 8 - ELIGIBLE EXPENSES FOR WATER PURCHASE PROJECTS. <br />A. Engineering associated with the feasibility report prepared as a requirement for <br />this loan and associated with evaluating the suitability of the water rights for <br />purchase by the BORROWER. <br />B. Interest during completion of the PROJECT pursuant to Paragraph A.4 herein. <br />C. Legal services for reviewing engineering services contracts and this Contract. <br />D. Purchase of the water rights. <br /> <br />SECTION 9 - DISBURSEMENT SCHEDULE <br />For Project costs: The BORROWER shall prepare a periodic progress report which <br />contains a statement of the PROJECT costs expended for that period and shall <br />forward said statement to the CWCB. After receipt of the periodic progress report <br />from the BORROWER. and review and acceptance of the items therein as eligible <br />expenses as described below. the CWCB will pay to the BORROWER the amount <br />set forth in the report or such portion that has been approved by the CWCB. Such <br />payment shall be made within thirty (30) days from the CWCB's approval of each <br />progress report. <br />For loan payoffs: For loan disbursements to payoff existing debt described in <br /> <br />Page 2 of 3 <br />