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� <br />No additional contract requirements. <br />� <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 />The BORROWER shall prepare a written request for funds that shall describe the <br />upcoming closing on water rights purchase including, but not limited to, the name of <br />the seller, cost, closing date, and appraisal value and support documentation in the <br />form of copies of the sales agreement and the appraisal pursuant to Section 7(a) <br />above. After receipt of the written request from the BORROWER and review and <br />acceptance of the items therein as eligible expenses as described above, the CWCB <br />will pay to the BoRROwER the amount set forth in the request or such portion that has <br />been approved by the CWCB. Such payment shall be made within thirty (30) days <br />from the CWCB's approval of each request. <br />SECTION 1 O— TIME FOR PERFORMANCE <br />PRO�ECT Beginning: Upon Effective Date of this Contract (the date this contract <br />is signed by the State Controller or his designee). <br />PRO�ECT Finish: Four (4) years from the Effective Date of this Contract. <br />Appendix 1 to Loan Contract C150312 <br />Page 2 of 2 <br />