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SECTION 3 — CWCB'S AUTHORITY Severance Tax Trust Fund Perpetual Base Account: This loan is made pursuant to the provisions of §§ 39-29-109(1)(a)(I), 37-60-119 and 37-60-120, C.R.S., which authorize the CWCB to loan money for water projects from the CWCB Severance Tax Trust Fund Perpetual Base Account for the benefit of the people of the state, provided that the borrower assures repayment of that money. Section 37-60-122(1)(b) C.R.S., authorizes the CWCB to make loans of up to $10,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust Fund Perpetual Base Account Fund without prior approval from the General Assembly SECTION 4- BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED� At its November 2008 meeting, the CWCB approved a loan from the Severance Tax Trust Fund Perpetual Base Account to the BoRROwER in an amount up to $9,500 f01" PROJECT COStS not to exceed 90% of the cost of the PRO�ECT, with a loan origination fee of 1% in accordance with CWCB Policy No. 16, at an interest rate of 2.25% per annum for a repayment term of 20 years. SECTION 5— SCHEDULE OF EXISTING DEBT There is no other debt or other obligation payable from the Pledged Revenues. SECTION 6— ADDITIONAL CONDITIONS & CONTRACT REQUiREMENTS A. Interest Prior to PROJECT Completion. With respect to the interest incurred prior to Substantial Completion of the Project as provided for under Section 4 of the loan Contract, CWCB and BoRROwER have agreed to that such interest shall be due on the first scheduled payment date (June 1, 2010, which is one year after the Payment Initiation Date), and is reflected in the annual Loan Payment as set forth in the Promissory Note. B. No Construction. CWCB and BoRROwER hereby acknowledge and agree that the Project does not include a construction component and that the distribution of loan proceeds will occur at a closing for the purchase of the Water Rights. C. Special Provisions. CWCB and BORROWER hereby acknowledge and agree that, for the purposes of such Special Provisions, (a) "Contractor" shall mean Borrower and (b) this loan Contract is and shall be considered an "Intergovernmental Contract". D. Return of Funds If BORROWER faIIS to close on the acquisition of the Appendix 1 to Loan Contract C150274 Page 2 of 3 1236811\1216151 7