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<br />SECTION 3 - CWCB's AUTHORITY <br /> <br />Construction Fund: This loan is made pursuant to the provisions of 99 37-60-119 and <br />37-60-120, C.R.S., which authorize the eWCB to loan money for water projects from the <br />CWCB Construction Fund for the benefit of the people of the state, provided that the <br />borrower assures repayment of that money. <br /> <br />SECTION 4 . BOARD ApPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED) <br /> <br />A. At its November 2002, meeting, the CWCB approved a loan to the BORROWER in an amount <br />up to $15,000,000, not to exceed 90% of the costs of the Project, at an interest rate of <br />2.75% per annum for a repayment term of 30 years. <br /> <br />B. Pursuant to SB03-110, Section 1 (a), the Colorado General Assembly authorized <br />CWCB to loan to the BORROWER an amount up to $15,000,000 for the PROJECT. <br />Furthermore, this Joan can be used to refinance the wholly or partially completed <br />PROJECT. <br /> <br />SECTION 5 -- SCHEDULE OF EXISTING DEBT <br /> <br />BORROWER'S existing debt consists of Limited Tax Water Conservancy Bonds (Bonds), <br />principal amount of $10,000,000, dated April 17, 2003. Based upon the July 10, 2003 letter <br />from George K. Baum & Company and the Certificate of. Compliance provided by the <br />BORROWER, both of which are incorporated herein by reference, certifying that the BORROWER <br />has met the parity requirements of the Bonds, the CWCB's lien on the pledged revenues shall <br />be on a parity with the Bonds' lien. <br /> <br />SECTION 6 - ADDITIONAL CONTRACT REQUIREMENTS <br /> <br />The BORROWER must provide an appraisal or written opinion of value of water rights <br />purchased prior to obtaining the CWCB loan funds. The appraisal or opinion of value <br />will be provided in accordance with Section 7(L) below. <br /> <br />SECTION 7 - CONSTRUCTION FUND PROGRAM PROCEDURES <br /> <br />A. The BORROWER shall employ an engineer, registered in the state of Colorado to <br />prepare pl,ans and specifications for the PROJECT. <br /> <br />B. The BORROWER'S and the Engineering Consultant's Agreemel1ts and the pians and <br />. specifications must be submitted to the CWCB staff for verification of compliance with <br />the terms of this Contract when available prior to bidding. Any modifications to the <br />plans and specifications must be approved in writing by the CWCB staff. <br /> <br />C. For plans and specifications for all jurjsdictional dams and reservoirs, as defined by 9 <br />37-87-105 C.R.S., the BORROWER shall provide a letter of approval from the State <br />Engineer's Office prior to construction. <br /> <br />D. CWCB staff must be present at bidding and must approve the award of the <br />construction contract. <br /> <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 the <br />BORROWER and found acceptable by the CWCB staff. - <br /> <br />F. The BORROWER must provide a copy ofthe executed construction contract documents <br /> <br />Page 2 of 4 <br />