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loan origination fee of 1% in accordance with CWCB Policy No. 16, at an interest rate of 2.50% per annum for a repayment term of 30 years. B. Pursuant to Bill SB05-084, the Colorado General Assembly authorized CWCB to loan to the BoRROwER an amount up to $20,200,000 for the PRO�ECT SECTION 5— SCHEDULE OF EXISTING DEBT BORROWER's existing debt consists of a Limited Tax General Obligation Note, principal amount of $9,000,000, dated March 2, 2005. SECTION 6— ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS Upon execution of this LoaN Con►rRacT, the BoRROwER may request disbursement of funds according to the procedures described belaw for an amount up to $11,200,000. The remaining $9,000,000 will be disbursed to the BORROWER according to the procedures described below only after such date that the BORROWER provides the CWCB wi#h a written letter stating that the BoRROwER defeased its Limited Tax General Obligation Note, principal amount of $9,000,000, dated March 2, 2005. SECTION 7—PROCEDURES FOR WATER �URCHASE PROJECTS AND CONSTRUCTION PROJECTS A. The BoRROwER must submit a written appraisal or opinion of value from a qualified water rights appraiser supporting the purchase price prior to disbursal of loan funds. B. The BoRROVVER shall pay all of the expenses related to the PRO�ECT when such bills are due. C. The BoRROVUER shall employ an engineer, registered in the state of Colorado to prepare plans and specifications for the PRO�ECr. D. The BoRROwER's and the Engineering Consultant's Agreements and the plans and specifications must be submitted to the CWCB staff for verification of compliance with the terms of this Contract when available prior to bidding. Any modifications to the plans and specifications must be approved in writing by the CWCB staff. E. For plans and specifications for all jurisdictional dams and reservoirs, as defined by § 37-87-105 C.R.S., the BoRROVVER shall provide a letter of approval from the State Engineer's Office prior to construction. F. CWCB staff must be present at bid opening and must approve the award of the canstruction contract. G. The BoRROVUER shall contract for the construction of the work with responsible and capable Construction Firms, which said Construction Firms shall be selected by the BoRROVUER and found acceptable by the CWCB staff. H. The BORROWER must provide a copy of the executed construction contract documents consisting of the contractor's proposal, construction contract, Appendix 1 to Loan Contract C150194 Page 2 of 4