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<br />Augmentation Account criteria, requiring that members who fail to make payment <br />sin accordance with the loan agreement shall cease pumping, and requiring <br />members to comply with the State Engineer rules governing the measurement and <br />use of groundwater in the Arkansas River Basin. <br /> <br />Section 8-CONSTRUCTION FUND PROGRAM PROCEDURES FOR WATER PURCHASE PROJECTS <br /> <br />A. The BORROWER has submitted to the CWCB a written appraisal of value from a <br />qualified water rights appraiser supporting the purchase price prior to disbursal of <br />loan funds. <br /> <br />B. The BORROWER shall pay all of the expenses related to the PROJECT when such bills <br />are due. <br /> <br />SECTION 9 - ELIGIBLE EXPENSES FOR WATER PURCHASE PROJECTS. <br /> <br />A. Engineering associated with the feasibility report prepared as a requirement for this <br />loan and associated with evaluating the suitability of the water rights for purchase by <br />the BORROWER. <br /> <br />B. Interest during completion of the PROJECT pursuant to Paragraph A.4 herein. <br /> <br />C. Legal services for reviewing engineering services contracts and this Contract. <br /> <br />D. Purchase of the water rights. <br /> <br />SECTION 10 - DISBURSEMENT SCHEDULE <br /> <br />For water rights purchase, the BORROWER shall prepare a written request for funds that <br />shall describe the upcoming closing on water rights purchase including, but not limited <br />to, the name of the seller, cost, closing date, and appraisal value and support <br />documentation in the form of copies of the sales agreement and the appraisal pursuant <br />to Section 7(a) above. After receipt of the written request from the BORROWER, and <br />review and acceptance of the items therein as eligible expenses as described above, <br />the CWCS will pay to the BORROWER the amount set forth in the request or such portion <br />that has been approved by the CWCB. Such payment shall be made within thirty (30) <br />days from the CWCB's approval of each request. <br /> <br />SECTION 11 - TIME FOR PERFORMANCE <br /> <br />PROJECT Beginning: Upon Effective Date of this Contract (the date this contract is <br />signed by the State Controller or his designee). <br /> <br />PROJECT Finish: Two (2) years from the Effective Date of this Contract <br /> <br />Page 3 of 3 <br />