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SECTION 5 - COLLATERAL <br />> <br />The collateral provided for this loan, as evidenced by the executed Deed of Trust, <br />attached as Appendix 5 and incorporated herein, shall be an undivided one <br />hundred percent (100%) interest in the Neenoshe Reservoir Dam, as more <br />particularly described in the attached Deed of Trust ("Collateral"). The initia{ deed <br />of trust shall identify the LoAN AMOUNT. If the amount of loan funds disbursed by the <br />CWCB to the BORROwER differs from the LoAN AMOUNT the Deed of Trust shall be <br />amended. <br />SECTION 6— SCHEDULE OF EXISTING DEBT <br />No existing debt <br />SECTION 7— ADDITIONAL CONTRACT REQUIREMENTS <br />No additional contract requirements imposed by the CWCB. <br />SECTION 8— CONSTRUCTION FUND PROGRAM PROCEDURES <br />A. The BORROWER Shall empfoy an engineer, registered in the state of Colorado to <br />prepare plans and specifications for the PRO�ECT. <br />B. Th2 BORROWER 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 to <br />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 by <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 />D. CWGB staff must be present at bidding 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 the <br />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 cons#ruction <br />schedule. <br />H. If the CWCB staff determines that the PRO�ECr requires a resident inspector during <br />construction, the BoRROwER shall employ an inspector who has been approved by <br />the CWCB staff. <br />Page 2 of 3 <br />