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<br />charge for a total loan amount of $892,137, with repayment terms of 3% per annum for 10 years. <br /> <br />SECTION 5 - SCHEDULE OF EXISTING DEBT <br /> <br />The BORROWER has one existing loan with the CWCB for the BORROWER'S WETPACK project in the <br />amount of $5,461 ,200 (Loan Contract C150058 dated April 1 , 2002) <br /> <br />SECTION 6 - ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br /> <br />1. No CWCB loan funds are to be disbursed until the BORROWER has provided documentation <br />that 200 tap commitments have been secured for the PROJECT. On December 1, 2003, the <br />BORROWER notified the CWCB that it had secured the 200th tap agreement and was ready to <br />proceed with the loan contract. The BORROWER hereby certifies by execution of this contract <br />that it has tap agreements for at least 200 Project taps. <br /> <br />2. In the event the BORROWER obtains grant funds through the Department of Local Affairs with <br />the intent of reducing the impact of tap fees required of Dove Creek residents, said grant funds <br />shall be used to reduce the principal amount of the CWCB loan. The BORROWER received a <br />$300,000 grant from the Colorado Department of Local Affairs to support part of the cost of the <br />PROJECT. Therefore, the Loan Amount from the CWCB to the BORROWER is in the amount of <br />$598,058. <br /> <br />SECTION 7 - CONSTRUCTION FUND PROGRAM PROCEDURES <br /> <br />A. The BORROWER shall employ an engineer, registered in the state of Colorado to prepare plans and <br />specifications for the PROJECT. <br /> <br />B. The BORROWER'S and the Engineering Consultant's Agreements and the plans and specifications <br />must be submitted to the CWCB staff for verification of compliance with the terms of this Contract <br />when available prior to bidding. Any modifications to the plans and specifications must be <br />approved in writing by the eWCB staff. <br /> <br />C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by 9 37-87-105 <br />C.R.S., the BORROWER shall provide a letter of approval from the State Engineer's Office prior to <br />construction. <br /> <br />D. For any components of the PROJECT not performed by the BORROWER'S staff, <br /> <br />i. CWCB staff must be present at bid opening and must approve the award of the construction <br />contract. <br /> <br />ii. The BORROWER shall contract for the construction of the work with responsible and capable <br />Construction Firms, which said Construction Firms shall be selected by the BORROWER and <br />found acceptable by the CWCB staff. <br /> <br />Hi. The BORROWER must provide a copy of the executed construction contract documents <br />consisting of the contractor's proposal, construction contract, performance bond, payment <br />bond, notice of award, notice to proceed, sample change order, and sample field order, as well <br />as the advertisement for bid and bid bond at bidding. After the CWCB staff verifies that these <br />documents comply with the terms of this contract, the BORROWER may issue the notice to <br />proceed to the Construction Firms. <br /> <br />E. The BORROWER shall conduct a pre-construction conference at which time the CWCB staff shall <br />have the opportunity to review and approve the construction schedule. <br /> <br />F. If the CWCB staff determines that the PROJECT requires a resident inspector during construction, <br />the BORROWER shall employ an inspector who has been approved by the CWCB staff. <br /> <br />G. The BORROWER shall construct the PROJECT in accordance with the approved plans and <br />specifications. <br /> <br />Page 2 of3 <br />