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<br />SECTION 4 - BOARD ApPROVAL <br /> <br />At its November 2004 meeting, the CWCB approved a loan from the Severance Tax <br />Trust Fund Perpetual Base Account to the BORROWER in an amount up to $2,980,000 for <br />PROJECT costs plus $29,800 for the 1 % loan service charge for a total loan amount of <br />$3,009,800, with repayment terms of 3.00% per annum for 30 years. <br /> <br />SECTION 5 - SCHEDULE OF EXISTING DEBT <br /> <br />The BORROWER has one outstanding debt: A Water Activity Enterprise Revenue B , <br />Series 2004, dated September 23, 2004, in the amount of $600,000, with an nual <br />payment of $85,000, and maturing in 2014. The parity certificate dated O~ - ;l. J 2005, <br />establishing that the lien created by this loan is on a parity with the lien of the revenue <br />bond described above, is incorporated herein by reference. <br /> <br />SECTION 6 - ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br /> <br />No additional conditions or contract requirements. <br /> <br />SECTION 7 - CONSTRUCTION PROGRAM PROCEDURES <br /> <br />A. The BORROWER shall employ an engineer, registered in the state of Colorado 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 Contract when available prior to bidding. Any modifications <br />to the plans and specifications must be approved in writing by the CWCB staff. <br /> <br />C, For plans and specifications for all jurisdictional dams and reservoirs, as defined <br />by 9 37-87-105 C.R.S., the BORROWER shall provide a letter of approval from the <br />State Engineer's Office prior to construction. <br /> <br />D, CWCB 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 <br />the 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 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 /> <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 /> <br />Appendix 1 to Loan Contract C150192 <br />Page 2 of 4 <br />