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SECTION 4 _ BOARD ApPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED) At its September 14, 2005 meeting, the CWeB approved a loan from the CWCB Severance Tax Trust Fund Perpetual Base Account to the BORROWER in an amount up to $4,994,955 for PROJECT costs, not to exceed '90% of the cost of the PROJECT, with a loan origination fee of 1 % in accordance with CWCB Policy No. 16, at an interest rate of 3.7% per annum for a repayment term of 20 years. SECTION 5 - SCHEDULE OF EXISTING DEBT The BORROWER has three outstanding obligations as follows: (1) Central Weld County Water District Water Revenue Refunding Bonds, Series 2004, dated as of May 27, 2004, originally issued in the aggregate principal amount of $1,330,000 and currently outstanding in the aggregate principal amount of $1,000,000, maturing on December 1, 2007; (2) a Loan Agreement dated September 15, 1992, with the Colorado Water Resources and Power Development Authority, as refunded in October 1998, originally issued in the aggregate principal amount of $~~,200,OOO and currently outstanding in the aggregate principal amount of $845,449, maturing on October 1, 2012; and (3) a CWCB loan , dated May 1, 2005, in the principal amount of $3,937,500, with a 20 year term. The parity certificate signed by Watkins & Schommer, Inc. and dated December 2, 2005, establishing that the lien created by this loan is on parity with the BORROWER'S other debt obligations, is incorporated herein by reference. SECTION 6 - ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS No additional conditions. 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 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 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 9 37-87-105 C.R.S., the BORROWER shall provide a letter of approval from the State Engineer's Office prior to construction. D. CWeB staff must be present at bid opening 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 selected by the BORROWER and found acceptable by th'e CWCB staff. F. The BORROWER must provide a copy of the executed construction contract Appendix 1 to Loan C()ntract C150209 Page 2 of 4