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January 2008 (HB 1346), 2.0% for 20 years. <br />SECTION 6 — ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br />No additional contract requirements. <br />SECTION 7 — CONSTRUCTION FUND PROGRAM PROCEDURES FOR WATER PROJECTS <br />A. The BORROWER must submit a written lease agreement for the water rights prior to <br />disbursal of loan funds. <br />B. The BORROWER shall employ an engineer, registered in the state of Colorado to <br />prepare plans and specifications for the PROJECT. <br />SECTION 8 — ELIGIBLE EXPENSES <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 lease <br />by the BORROWER.'''_� <br />B. Interest during completion.tft , R4CT pursuant to Paragraph A.4 herein. <br />C. Legal services for revlevv eh-gln services contracts and this Contract. <br />D. Lease of the water rl,3 <br />SECTION 9 — DISBURSEMENTS DUL „_ <br />For a water rights lease, the B i WER shall prepare a written request for funds that shall <br />describe the upcoming closin 'cater rights lease including, but not limited to, the name <br />of the lessor, cost, closing da d contract value and support documentation in the form <br />of copies of the lease agreement pursuant to Section 7(a) above. After receipt of the <br />written request from the BORROWER, and review and acceptance of the items therein as <br />eligible expenses as described above, the CWCB will pay to the BORROWER the amount <br />set forth in the request or such portion that has been approved by the CWCB. Such <br />payment shall be made within fifteen (15) days from the CWCB's approval of each <br />request. <br />SECTION 10 — TIME FOR PERFORMANCE <br />PROJECT Beginning: Upon Effective Date of this Contract (the date this contract is <br />signed by the State Controller or his designee). <br />PROJECT Finish: 2 years from the Effective Date of this Contract. <br />Appendix 1 to Loan Contract C150275 <br />Page 2 of 2 <br />