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<br />terms of 4.50% per annum for 30 years. <br />SECTION 5 - SCHEDULE OF EXISTING DEBT <br />the BORROWER has two outstanding loans: (1) Colorado Water Resources and Power <br />Development Authority (CWRPDA), for $498,280 made in 1999 and (2) Department of <br />Local Affairs (DOLA) for $17,261 made in 1995. The CWCS required that this loan have <br />parity only with the CWRPDA loan since the DOLA loan will be completely repaid in 2004. <br />The parity certificate dated December 15, 2003, establishing that the lien created by <br />this loan is on a parity with the lien of the CWRPDA described above, is incorporated <br />herein by reference. <br /> <br />SECTION 6 - ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br />No additional CWCS requirements. <br />SECTION 7 - CONSTRUCTION FUND PROGRAM PROCEDURES <br />A. The BORROWER shall employ an engineer, registered in the state of Colorado to <br />prepare plans and specifications for the PROJECT. <br />B. The BORROWER'S and the Engineering Consultanfs Agreements and the plans and <br />specifications must be submitted to the CWCB staff for verification of compliance <br />with the terms of this Contract when available prior to bidding. Any modifications <br />to the plans and specifications must be approved in writing by the CWCB staff. <br />C. For plans and specifications for all jurisdictional dams and reservoirs, as defined <br />by 9 37-87-105 C.R.S., the BORROWER shall provide a letter of approval from the <br />State Engineer's Office prior to construction. <br />D. CWeB staff must be present at bid opening and must approve the award of the <br />construction contract. <br />E. The BORROWER shall contract for the construction of the work with responsible and <br />capable Construction Firms, which said Construction Firms shall be selected by <br />the BORROWER and found acceptable by the CWCB staff. <br />F. The BORROWER must provide a copy of the executed construction contract <br />documents consisting of the contractor's proposal, construction contract, <br />performance bond, payment bond, notice of award, notice to proceed, sample <br />change order, and sample field order, as well as the advertisement for bid and bid <br />bond at bidding. After the CWCB staff verifies that these documents comply with <br />the terms of this contract, the BORROWER may issue the notice to proceed to the <br />Construction Firms. <br />G. The BORROWER shall conduct a pre-construction cOnference at which time the <br />CWCB staff shall have the opportunity to review and approve the construction <br />schedule. <br />H. If the CWCB staff determines that the PROJECT requires a resident inspector during <br />construction, the BORROWER shall employ an inspector who has been approved by <br />the CWCB staff. <br />I. The BORROWER shall construct the PROJECT in accordance with the approved <br />plans and specifications. <br /> <br />Page 2 of 3 <br />