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January 2008 (HB 1346), 2.0% for 20 years. <br />SECTION 6- ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br />No additional contract requirements. <br />SECTION 7- CONSTRUCTION FUND PROGRAM PROCEDURES FOR WATER PROJECTS <br />A. The BoRROwER must submit a written lease agreement for the water rights prior to <br />disbursal of loan funds. <br />B. The BoRROwER shall employ an engineer, registered in the state of Colorado to <br />prepare plans and specifications for the PRO~ECT. <br />SECTION 8 - ELIGIBLE EXPENSES <br />A. Engineering associated with the feasibility report prepared as a requirement for <br />this loan and associated with evaluating the suitability of the water rights for lease <br />by tFl@ BORROWER. <br />B. Interest during completion of the PRO~ECT pursuant to Paragraph A.4 herein. <br />C. Legal services for reviewing engineering services contracts and this Contract. <br />D. Lease of the water rights. <br />SECTION 9 - DISBURSEMENT SCHEDULE <br />For a water rights lease, the BoRROwER shall prepare a written request for funds that shall <br />describe the upcoming closing on water rights lease including, but not limited to, the name <br />of the lessor, cost, closing date, and contract value and support documentation in the form <br />of copies of the lease agreement pursuant to Section 7(a) above. After receipt of the <br />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 <br />set forth in the request or such portion that has been approved by the CWCB. Such <br />payment shall be made within fifteen (15) days from the CWCB's approval of each <br />request. <br />SECTION 1 O- TIME FOR PERFORMANCE <br />PRO~ECT Beginning: Upon Effective Date of this Contract (the date this contract is <br />signed by the State Controller or his designee). <br />PRO~ECT Finish: 2 years from the Effective Date of this Contract. <br />Appendix 1 to Loan Contract C150275 <br />Page 2 of 2 <br />