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SECTION 4 - BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED) <br />A. At its November 19 -20, 2001 meeting, the CWCB approved a loan to the <br />BORROWER in an amount up to $15,000,000 (LOAN AMOUNT), not to exceed <br />75% of the cost of the PROJECT, at an interest rate of 4.5% per annum for a <br />repayment term of 20 years to construct the PROJECT and to refinance <br />eligible PROJECT costs already paid for by the BORROWER. <br />B. Pursuant to Bill HB02 -1152, Section 2(a), the Colorado General Assembly <br />authorized CWCB to loan to the BORROWER an amount up to $15,000,000 <br />for the PROJECT, and to wholly or partially refinance the PROJECT. <br />SECTION 5 — SCHEDULE OF EXISTING DEBT <br />Lienholder <br />Contract Date <br />Original <br />Amount <br />Term of <br />Repayment <br />Priority <br />1998 Bond Issue <br />March 1998 <br />5,445,000 <br />4.5% due 2015 <br />Parity <br />2001 Bond Issue <br />August 2001 <br />1,740,000 <br />4.25% due 2015 <br />Parity <br />CWRPDA <br />April 1994 <br />0, <br />4.75% due 2014 <br />Parity <br />(1994 Small Wat <br />kv <br />CWRPDA <br />August 1994 <br />0 <br />5.5% due 2014 <br />Parity <br />(1994 Sewe <br />June 1997 <br />,925,000 <br />5.18% due 2017 <br />Parity <br />CWRPDA <br />(1997 Small Wa <br />CWRPDA <br />May 1997 <br />3,271,000 <br />4.54% due 2017 <br />Parity <br />(1997 Sewer) <br />CWRPDA <br />February 2000 <br />13,365,000 <br />5.92% due 2019 <br />Parity <br />(2000 Small Water) <br />CWRPDA <br />May 2001 <br />12,063,000 <br />4.66% due 2020 <br />Parity <br />(2000 SRF Sewer) <br />CWRPDA <br />May 2001 <br />4,913,000 <br />4.01 % due 2021 <br />Parity <br />(2001 SRF Sewer) <br />CWRPDA <br />June 2002 <br />10,055,000 <br />5.11 % due 2022 <br />Parity <br />(2002 Small Water) <br />October 2002 <br />CWRPDA <br />(2002 SRF Clean <br />14,112,000 <br />3.62% due 2025 <br />Parity <br />Water) <br />The BORROWER has existing bond issues from 1998 and 2001 and with the <br />Colorado Water Resources and Power Development Authority ( "CWRPDA "). The <br />parity certificate that allows this loan to be on parity with the above listed loans is <br />incorporated herein by reference. <br />Page 2 of 4 <br />