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accordance with CWCB Policy No. 16, at an interest rate of 3.5% per annum far a <br />repayment term of 10 years. <br />SECTION 5— SCHEDULE OF EXISTING DEBT <br />1. Promissorv Note to the Frida Barqas Revocable Trust <br />Original Principal Amount: $2,347,638.80 <br />Original Note Date: March 1, 20p5 <br />Current Principal Balance: $1,952,853.44 <br />Maturity Date: June 15, 2019 <br />Annual Payment: $225,932.12 <br />Borrower's share of the annual payment is $32,285.70. The balance of the annual <br />payment is made by the Centennial Water and Sanitation District. <br />The Promissory Note is non-recourse financing secured by Deed of Trust on the Randall <br />and Sessions Ditch wat�r rights. The Pledg�d Revenues are not pl�dg�d as collateral for <br />the CWCB Loan. <br />SECTION 6— ADDITIONAL CONDITIONS 8� CONTRACT REQUIREMENTS <br />No additional contract requirements. <br />SECTION 7— CONSTRUCTION FUND PROGRAM PROCEDURES <br />A. The BoRROwER shalt employ an engineer, registered in the state of Colorado to <br />prepare plans and specifications for the PRO�ECT. <br />B. Th@ BORROWER and the Engineering Consultant's plans and specifications must <br />be submitted to the CWCB staff far verification of complia�ce with the terms of this <br />Cantract when available prior to bidding. Any modifications to the plans and <br />specifications must be approved in writing by the CWCB staff. <br />C. For pfans and specifications for all jurisdictional dams and reservoirs, as defined <br />by § 37-87-105 C.R.S., the Bow�owER shall provid� a leit�r of approval from the <br />State Engineer's Offioe prior to construction. <br />D. CWCB staff must be present at bid opening and must approve the award of the <br />construction contract. <br />E. The BoRROwER shall contract for th� construction of the wark with responsible and <br />capable Construction Firms, which said Construction Firms shall be selected by <br />the BoRROwER and found acceptable by the CWCB staff. <br />F. The BORROWER must provide a copy of the executed canstruction contract <br />documents consisting of the contractor's proposal, construction contract, <br />perFoRnance bond, payment bond, notice of award, notice to proceed, sample <br />Appendix 1 to Loan Contract G150Z76 <br />Page 2 of 4 <br />