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<br />SECTION 6 - COLLATERAL <br /> <br />The collateral provided for this loan, as evidenced by the executed Security <br />Agreement, in the form attached as Appendix 4 and incorporated herein, shall be a <br />pledge of the Borrower's assessment revenues, as more particularly described in the <br />attached Security Agreement. <br /> <br />SECTION 7 - ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br /> <br />This Loan Contract shall not be effective until such date as the BORROWER complies <br />with. applicable provisions of the Irrigation District Law of 1905 (including but not limited <br />to e.R.s. 37-41-113(4), -117) regarding the authority to incur indebtedness. The election <br />to authorize the indebtedness contained in this Loan Contract shall also request that the <br />electors authorize an increase of $2.00 per acre in the annual assessments to be levied <br />by the District to cover the loan payment to the CWeB. <br /> <br />SECTION 8 - CONSTRUCTION FUND PROGRAM PROCEDURES <br /> <br />A. The BORROWER shall employ an engineer, registered in the state of eolorado 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 eontract when available prior to bidding. Any modifications to <br />the plans and specifications must be approved in writing by the eWCB staff. <br /> <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 /> <br />D.. eWCB staff must be present at bid opening and must approve the award of the <br />construction contract. <br /> <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 /> <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 eWeB staff verifies that these documents comply with <br />the terms of this contract, the BORROWER may issue the notice to proceed to the <br />eonstruction Firms. <br /> <br />G. The BORROWER shall conduct a pre-construction conference at which time the <br />CWeB staff shall have the opportunity to review and approve the construction <br />schedule. <br /> <br />H. If the CWCB staff determines that the PROJECT requires a resident inspector during <br />construction, the BORROWER shall employ an inspector who has been approved by <br /> <br />Appendix 1to Loan Contract C150199 <br />Page 2 of 4 <br />