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SECTION 4- BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED� <br />At its September 2003 meeting, the. CWCB approved a loan to the BoRROwER in an <br />amount up to $970,448 including $960,840 for PRO�ECT costs and $9,608 for the CWCB's <br />1% loan service charge at an interest rate of 2.5% per annum for a repayment term of 30 <br />years. The loan shall be made from the CWCB's Arkansas River Augmentation Loan <br />Fund and the balance of the loan shall be made from the Construction Fund as a Small <br />Project Loan. In addition, the CWCB found that the portion of the loan to be funded <br />from the Arkansas River Augmentation Loan Account meets the criteria set forth in <br />CRS 37-60-130. <br />SECTION 5— SCHEDULE OF EXISTING DEBT <br />Two loans from the CWCB to the BORROWER: (1) Loan Contract C153800 dated <br />October 1997 in the original principal amount of $25,000, and (2) Loan Contract <br />C153308 dated February 1998, in the original principal amount of $590,590. <br />SECTION 6 - COLLATERAL <br />The collateral provided for this loan, shall be an undivided one hundred percent <br />(100%) interest in the 785 shares of stock in the Excelsior Irrigating Company <br />("Shares") purchased with proceeds of this loan, as more particularly described in the <br />attached Deed of Trust ("Collateral"). <br />To protect the CWCB and the BORROwER interests in the Collateral the BORROWER <br />shall meet the following conditions: <br />a. The BoRROwER has duly executed a Security Agreement, Deed of Trust, and Stock <br />Assignment, attached hereto as Appendix 4, 5, and 6, respectively, and <br />incorporated herein, encumbering the Shares and conveying a security interest to <br />the CWCB in the Shares. The Stock Assignment shall become effective solely in <br />the event of an issuance by the Colorado District Court of an order authorizing a <br />foreclosure sale of the Shares pursuant to Rule 120 of the Colorado Rules of Civil <br />Procedure. <br />b. The BoRROwER shall give physical custody of the certificate for the Shares, issued <br />in the BoRROwER's name and the CWCB shown as lienholder, to the CWCB, which <br />shall deposit the certificate at the State Treasurer's Office for safekeeping. <br />c. The BoRROwER shall retain both the responsibility for paying assessments on and <br />the privilege of voting said Shares. <br />SECTION 7— ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br />The CWCB's approval of its loan to the BoRROwER included the following conditions: <br />1. The BoRROwER must satisfy the requirements set forth in CRS 37-60-130, which <br />include obtaining commitments from its members to ensure compliance with CRS <br />37-60-130 (3) (g) and (h) pertaining to the Arkansas River Augmentation Account <br />criteria, requiring that members who fail to make payments in accordance with this <br />loan contract shall cease pumping, and requiring members to comply with the <br />State Engineer rules governing the measurement and use of groundwater in the <br />Page 2 of 5 <br />