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Conservation Program Contract to verify that the USDA would provide engineering services and a grant for 75 percent of the final construction cost. A copy of the USDA contract is included with the above-referenced Feasibility Study that is referred to in Section 2 above. 2. Security #or the loan includes (1} a pledge of assessment revenues backed by an assessment covenant, (2} a debt service reserve fund equal to finro annual Ioan payments (one payment set aside at the time of contract execution and one third of an annual payment set aside at the time the first three annual loan payments are made), and (3) a security interest in the BoRROwER's Funding Agreement, which Funding Agreement shail include a"step-up" provision that requires the Funding Agreement signatories to make the entire annual loan payment to the CWCB in the event any of the members fait to pay their assessed share amount pursuant to the Funding Agreement. 3. Within ten (10} working days after receipt of the 75% cost share portion reimbursement from the USDA, the BORROWER SI1aII submit to the CWCB an amount equal to the reimbursement. The USDA reimbursement will be applied to the outstanding prinapal toan balance, and the Loan Contract shall be amended to the reduced loan amount. SECTION H— CONSTRUCTION FUND PROGRAM PROCEDURES A. The BoRROwER shall employ an engineer, registered in the state of Colorado to prepare plans and specifications for the PRO�ECr. B. Th@ BORROWER and the Engineering Consultant's Agreements and the plans and specifications must be submitted to the CWCB staff for verification of compliance with the terms of this Contract when available prior to bidding. Any modfications to the plans and specifications must be approved in writing by the CWCB staff. C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by § 37-87-105 C.R.S., the BoRROwER shall provide a letter of approval from the State Engineer's Office prior to construction. D. CWCB staff must be present at bid opening and must approve the award of the construction contract. E. The BoRROwER shatl contract for the constn.iction ot the work with responsible and capable Construction Firms, which said Construction Firms shall be setected by the BoRROwER and found acceptable by the CWCB staff. F. The BORROWER must provide a copy of the executed construction contract documents consisting of the contractor's proposal, construction contract, performance bond, payment bond, notice of award, notice to proceed, sample change order, and sample field order, as well as the advertisement for bid and bid bond at bidding. After the CWCB staff verifies that these documents comply with the terms of this contract, the BORROWER may issue the notice to proceed to the Construction Firms. G. The BORROWER shall conduct a pre-construction conference at which time the CWCB staff shall have the opportunity to review and approve the construction schedule. H. If the CWCB staff determines that the PRO�ECT requires a resident inspector during Appenrlix 1 to Loan Contract C150205 Page 2 of 3