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i • interest rate of 2.50% for 30 years; and 2) Loan Contract C150256, dated March 7, 2008, in the amount of $654,480 at an interest rate of 2.25% for 30 years. The Borrower also has a bridge loan with Farmers State Bank of Fort Morgan, Colorado for $850,000, at an interest rate of 5.0% and ending December 15, 2008, which will be paid off using CWCB loan funds. SECTION 6 - COLLATERAL The collateral provided for this loan, as evidenced by the executed Security Agreement, in the form attached as Appendix 4 and incorporated herein, shall be a pledge of the Borrower's assessment revenues, as more particularly described in the attached Security Agreement. SECTION 7— ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS This Loan Contract shall not be effective until such date as the BoRROwER complies with applicable provisions of the Irrigation District Law of 1905 (including but not limited to C.R.S. 37-41-113(4), -117) regarding the authority to incur indebtedness. SECTION 8— CONSTRUCTION FUND PROGRAM PROCEDURES A. The BoRROwER shall employ an engineer, registered in the state of Colorado to prepare plans and specifications for the PRO�ECT. B. 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. C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by § 37-87-105 C.R.S., the BoRROwER shall provide a letter of approval from the State Engineer's Office prior to construction. D. CWCB staff must be present at bid opening and must approve the award of the construction contract. E. The BoRROwER shall contract for the construction of the work with responsible and capable Construction Firms, which said Construction Firms shall be selected by the BoRROwER and found acceptable by the CWCB staff. F. The BORROWER must provide a copy of the executed construction contract documents consisting of the contractor's proposal, construction contract, performance bond, payment bond, notice of award, notice to proceed, sample change order, and sample field order, as well as the advertisement for bid and bid bond at bidding. After the CWCB staff verifies that these documents comply with the terms of this contract, the BoRROwER may issue the notice to proceed to the Construction Firms. G. The BORROWER shall conduct a pre-construction conference at which time the CWCB staff shall have the opportunity to review and approve the construction schedule. Appendix 1 to Loan Contract C150259 Page 2 of 4