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<br />At its March 2003 meeting, the CWGB approved increasing the loan by $65,250 to <br />$159,750 at an interest rate of 2.5% per annum for a repayment term of 20 years with a <br />1 % loan service fee charged in accordance with CWCB Policy No. 16. In accordance <br />with CWCB Policy No. 16, the 1% loan service fee of $1,597.50 can be added to the <br />loan amount for a maximum loan amount of $161,347.50. <br />SECTION 5 - SCHEDULE OF EXISTING DEBT <br />No existing debt. <br />SECTION 6 - COLLATERAL <br />The collateral provided for this loan, as evidenced by the executed Security <br />Agreement, Conditional Assignment of Easements, and Deed of Trust, attached <br />as Appendix 4 and Appendix 5a and Appendix 5b, respectively, and <br />incorporated herein, shall be an undivided one hundred percent (100%) interest in <br />the PROJECT which consists of the well pump, the well and the easements for four <br />augmentation ponds, and the diversion structure, as more particularly described in <br />the attached security agreement, Conditional Assignment of Easements and deed <br />of tru st. <br />SECTION 7 - ADDITIONAL CONTRACT REQUIREMENTS <br />No additional Board requirements. <br />SECTION 8 - 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 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 />S 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. CWCB 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 construction <br />schedule. <br /> <br />Page 2 of 3 <br />