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<br />and financially feasible. <br /> <br />SECTION 3- cweB's AUTHORITY <br /> <br />Small Proiect Loan: This loan is made pursuant to the provisions of99 37-60-119 <br />and 37-60-120, C.R.S., which authorizes the eWCB to loan money for water projects <br />for the benefit of the people of the State, provided that the borrower assures <br />repayment of that money. <br /> <br />Section 37.;60-122(1)(b) C.R.S., authorizes the CWCB to make loans of up to <br />$5,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust <br />Fund Perpetual Base Account Fund without prior approval from the General <br />Assembly <br /> <br />SECTION 4 - BOARD ApPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED) <br /> <br />At its November 2003 meeting, the CWCB approved a Small Project Loan from the <br />Construction Fund to the BORROWER in an amount up to $4,950,495 for PROJECT costs <br />plus $49,505 for the 1 % loan service charge for a total loan amount of $5,000,000, with <br />repaymentterms of2.50% per annum for 30 years. <br /> <br />The BORROWER requested that the total loan amount be limited to $4,513,200 <br />($4,468,515 for PROJECT costs and $44,685 for the 1% loan service charge) <br /> <br />SECTION 5 - SCHEDULE OF EXISTING DEBT <br /> <br />BORROWER'S existing debt consists of (1) CWCB Loan Contract C150117 dated <br />October 1, 2003, for $15,000,000, and (2) Limited Tax Water Conservancy Bonds <br />(Bonds), principal amount of $10,000,000, dated April 17,2003. The Bonds will be <br />defeased on July23, 2004, simultaneously with the disbursement of the CWeB loan <br />funds. <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 <br />value will be provided in accordance with Section 7(M) 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 plans and specifications for the PROJECT. <br /> <br />B. The BORROWER'S and the Engineering Consultant's 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 /> <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 /> <br />Page 2 of 4 <br />