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SECTION 5 - SCHEDULE OF EXISTING DEBT The Town of Kremmling, Colorado, water enterprise has an outstanding loan from the State of Colorado Department of Local Affairs (the "DOLA Loan") and has outstanding its Water Revenue Refunding Bonds, Series 2004 (the "'Series2004 Bonds'''). The DOLA Loan has a current balance of $21,474, and will be payable in full in 2005. The Series 2004 Bonds are currently outstanding in the principal amount of $480,0100, and mature in 2025. The DOLA Loan and the Series 2004 Bonds have a lien on the . revenues pledged to the payment of this loan that is on parity with the lien of this loan, and the Parity Certificate is incorporated herein by reference. SECTION 6 - ADDITIONAL CONDITioNS & CONTRACT REQUIREMENTS There are no additional conditions for this loan. :4-._. SECTION 7 - CONSTRUCTION FUND PROGRAM PROCEDURES A. The BORROWER shall employ an engineer, registered in the state of Colorado to prepare plans and specifications for the PROJECT. B. The BORROWER'S and the Engineering Consultant's Agreements and the plans and specifications must be submitted to the CWeB staff for verification of compliance with the terms of this Contract when available prior to bidding. Any modifications 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 S 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 op~ning and must approve the award of the construction contract. E. The BORROWER shall contract for the construction of the work with responsible and capable Construction Firms, which said Construction Firms shall be seh~cted 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 procel~d 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 PROJECT requires a resident inspector during construction, the BORROWER shall employ an inspector who has been approved by the CWCB staff. I. The BORROWER shall construct the PROJECT in accordance with the approved plans and specifications. Page 2 of 3