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accordance with CWCB Policy No. 16, at an interest rate of 3.00% per annum for a <br />repayment term of 30 years. <br />SECTION 5— SCHEDULE OF EXISTING DEBT <br />In July 2004, the Town, through its Water Enterprise Fund, obtained a CWCB loan for <br />$69,311 to purchase surFace water rights to use for well augmentation, with an annual <br />payment of $3,768.53 through 2035. The Town also obtained a$995,097 loan (0% <br />interest) with the Colorado Water Resources and Power Development Authority, with an <br />annual payment of $33,170 through 2037. In addition, the Town took out a$44,000 loan <br />with the USDA Rural Development at a 4.375% interest rate for 40 years with an annual <br />payment of $2,503. <br />The Town has obtained temporary financing for $48,000 from the Bank of Colorado, <br />which will be paid off with the CWCB loan. <br />The parity certificate dated September 17, 2008, establishing that the lien created by this <br />loan is on a parity with the lien of the CW RPDA and the USDA-RD described above, is <br />incorporated herein by reference. <br />SECTION 6— ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br />There are no additional contract requirements. <br />SECTION 7— CONSTRUCTION FUND PROGRAM PROCEDURES FOR WATER PURCHASE <br />PROJECTS. <br />A. The BoRROwER must submit a written appraisal or opinion of value from a qualified <br />water rights appraiser supporting the purchase price prior to disbursal of loan <br />funds. <br />B. The BoRROwER shall pay all of the expenses related to the PRO�ECT when such <br />bills are due. <br />SECTION 8— ELIGIBLE EXPENSES FOR WATER PURCHASE PROJECTS. <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 <br />purchase by the 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. Purchase of the water rights. <br />SECTION 9 — DISBURSEMENT SCHEDULE <br />For a water rights purchase, the BoRROwER shall prepare a written request for funds <br />that shall describe the upcoming closing on water rights purchase including, but not <br />limited to, the name of the seller, cost, closing date, and appraisal value and support <br />documentation in the form of copies of the sales agreement and the appraisal <br />pursuant to Section 7(a) above. After receipt of the written request from the <br />BORROWER and review and acceptance of the items therein as eligible expenses as <br />Appendix 1 to Loan Contract C150254 <br />Page 2 of 3 <br />