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Assembly <br />SECTION 4 - BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION <br />At its November 2011 meeting, the CWCB approved a Small Project Loan from the <br />Construction Fund to the BORROWER in an amount up to $9,000,000 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 2.0% per annum for a <br />repayment term of 30 years. <br />SECTION 5 — SCHEDULE OF EXISTING DEBT <br />Obligations to the United States of America, Bureau of Reclamation pursuant to a Lease <br />of Power Privilege dated as of February 6, 2012 (which obligation has a priority over the <br />lien created by this Loan Contract only with respect to the net revenue of the Project, as <br />more specifically described in Appendix 3). <br />SECTION 6 — ADDITIONAL CONDITIONS $ CONTRACT REQUIREMENTS <br />Loan funds shall not be disbursed without proof that the following conditions have been <br />met: <br />1. Borrower executes a Lease of Power Privilege. <br />2. Borrower executes a Power Purchase Agreement. <br />3. Borrower executes a loan contract with the Colorado Water Resources and Power <br />development Authority <br />4. The U.S. Army Corps of Engineers issues a 404 Permit for the Project or provides <br />written confirmation that a 404 Permit is not needed. <br />5. Borrower executes an interconnection agreement between the Borrower and either <br />the San Miguel Power Association or the Tri -State Generation and Transmission <br />Association. <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 must <br />be submitted to the CWCB staff for verification of compliance with the terms of this <br />Contract 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 plans and specifications for all jurisdictional dams and reservoirs, if any, as <br />defined by § 37 -87 -105 C.R.S., the BORROWER shall provide a letter of approval <br />from the State Engineer's Office prior to construction. <br />D. If the construction contract is to be awarded via a bid process, CWCB staff must <br />Appendix 1 to Loan Contract C150324 <br />Page 2 of 4 <br />