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<br /> <br />SECTION 5 - SCHEDULE OF EXISTING DEBT <br /> <br />The BORROWER has two outstanding obligations as follows: (1) Central Weld County <br />Water District Water Revenue Refunding Bonds, Series 2004, dated as of May 27,2004, <br />originally issued in the aggregate principal amount of $1,330,000 and currently <br />outstanding in the aggregate principal amount of $1,000,000, maturing on December 1, <br />2007; and (2) a Loan Agreement dated September 15, 1992, with the Colorado Water <br />Resources and Power Development Authority, as refunded in October 1998, ori~~inally <br />issued in the aggregate principal amount of $3,200,000 and currently outstanding in the <br />aggregate principal amount of $845,449, maturing on October 1, 2012. The parity <br />certificate signed by Watkins & Scrommer, Inc. and dated March 21, 2005, establishing <br />that the lien created by this loan is on parity with the BORROWER'S other debt obligations, <br />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 FUND 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 to <br />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 by <br />337-87-105 C.R.S., the BORROWER shall provide a letter of approval from thl3 State <br />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 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 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 /> <br />Appendix 1 to Loan Contract C150122 <br />Page 2 of 4 <br />