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<br />SECTION 9 - ELIGIBLE EXPENSES. The following items are eligible for loan disbursements. <br /> <br />A. Preparing final designs and specifications for the PROJECT. <br /> <br />B. Preparing bid and construction contract documents. <br /> <br />C. Preparing environmental assessment or environmental impact statements, and <br />otherwise complying with the Federal National Environmental Policy Act. <br /> <br />D. Complying with all federal, state, and local regulatory requirements, including the <br />obtaining of all required permits. <br /> <br />E. Fish and wildlife mitigation measures required by federal, state, or local laws and <br />regulations. <br /> <br />F. Actual construction as called for in the design documents and in change orders <br />approved by the CWCB and the BORROWER. <br /> <br />G. Engineering services for construction management, including design and construction <br />management for CWCB-approved change orders. <br /> <br />H. Interest during completion of the PROJECT pursuant to Paragraph A.4 of the Contract. <br /> <br />I. Legal services for reviewing engineering services contracts, reviewing this Contract, <br />reviewing construction contract documents, and for complying with all federal, state, and <br />local regulatory requirements. <br /> <br />J. Engineering associated with the feasibility report prepared as a requirement for this loan <br />and associated with evaluating the suitability of the water rights for purchase by the <br />BORROWER. <br /> <br />K. Purchase of the water rights. <br /> <br />SECTION 10 - DISBURSEMENT SCHEDULE <br /> <br />For PROJECT costs: The BORROWER shall prepare a periodic progress report which contains a <br />statement of the PROJECT costs expended for that period and shall forward said statement to the <br />CWCB. After receipt of the periodic progress report from the BORROWER, and review and <br />acceptance of the items therein as eligible expenses as described below, the CWCB will pay to <br />the BORROWER the amount set forth in the report or such portion that has been approved by the <br />CWCB. Such payment shall be made within thirty (30) days from the CWCB's approval of each <br />progress report. <br /> <br />For a water rights purchase, the BORROWER shall prepare a written request for funds that shall <br />describe the upcoming closing on water rights purchase including, but not limited to, the name of <br />the seller, cost, closing date, and appraisal value and support documentation in the form of <br />copies of the sales agreement and the appraisal pursuant to Section 7(a) above. After receipt of <br />the written request from the BORROWER, and review and acceptance of the items therein as <br />eligible expenses as described above, the CWCB will pay to the BORROWER the amount set forth <br />in the request or such portion that has been approved by the CWCB. Such payment shall be <br />made within thirty (30) days from the CWCB's approval of each request. <br /> <br />SECTION 11 - TIME FOR PERFORMANCE <br /> <br />PROJECT Beginning: Upon Effective Date of this Contract (the date this contract is signed <br />by the State Controller or his designee). <br /> <br />PROJECT Finish: Two (2) years from the Effective Date of this Contract <br /> <br />Page 3 of 3 <br />