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SECTION 5— SCHEDULE OF EXISTING DEBT <br />No existing debt. <br />SECTION 6 — COLLATERAL <br />The collatera! 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 PRO�ECT which consists. of the South Side <br />R�servoir located in the SW/4 of Section 27, Township 5 North, Range 69 West, 6 <br />P.M., Larimer County, Colorado, as more particularly described in the attached <br />Deed of Trust ("Collateral"), The �deed of trust shall identify the Loa,ta Annoutvr. If the <br />amount of loan funds disbursed by the CWCB to the BoRROwER differs from the <br />LOAN AMOUNT the Deed of Trust shall be amended. <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 PRO�ECT. <br />B. ThG' 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 BoRROw�R 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 contra�tor'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 shalf 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 />H. If the CWCB staff determines that the PRO�ECT 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 />