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0 r <br />At its July 2011 meeting, the CWCB approved a Small Project Loan from the <br />Construction Fund to the BORROWER in an amount up to $2,947,500 for PROJECT costs, <br />not to exceed 90% of the cost of the PROJECT, with a loan origination fee of 1 % in <br />accordance with CWCB Policy No. 16, at an interest rate of 4.50% per annum for a <br />repayment term of 30 years. <br />SECTION 5 — SCHEDULE OF EXISTING DEBT <br />CWCB, remaining balance 137,327, maturity date 2026. <br />Colorado Water Resources & Power Development Authority, remaining balance <br />$1,340,000, maturity date 2030. <br />Colorado Water Resources & Power Development Authority, remaining balance <br />$900,000, maturity date 2031. <br />SECTION 6 — ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br />No additional contract requirements. <br />SECTION 7 — CONSTRUCTION FUND PROGRAM PROCEDURES <br />A. The BORROWER shall employ an engineer, registered in the state of Colorado to <br />prepare plans and specifications for the PROJECT. <br />B. The BORROWER's and the Engineering Consultant's plans and specifications <br />must be submitted to the CWCB staff for verification of compliance with the <br />terms of this Contract when available prior to bidding. Any modifications to the <br />plans and specifications must be approved in writing by the CWCB staff. <br />C. For plans and specifications for all jurisdictional dams and reservoirs, as defined <br />by § 37 -87 -105 C.R.S., the BORROWER shall provide a letter of approval from the <br />State Engineer's Office 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 the construction of the work with responsible <br />and capable Construction Firms, which said Construction Firms shall be <br />selected by the BORROWER and found acceptable by the CWCB staff. <br />F. The BORROWER must provide a copy of the executed construction contract <br />documents consisting of the contractor's proposal, construction contract, <br />performance bond, payment bond, notice of award, notice to proceed, sample <br />change order, and sample field order, as well as the advertisement for bid and <br />bid bond at bidding. After the CWCB staff verifies that these documents comply <br />with the terms of this contract, the BORROWER may issue the notice to proceed to <br />the Construction Firms. <br />Appendix 1 to Loan Contract C150321 <br />Page 2 of 4 <br />