C150344 Contract - Laserfiche WebLink

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SECTION 4 - BOARD APPROVAL At its November 2012 meeting, the CWCB approved a Small Project Loan from the Construction Fund to the BORROWER in an amount up to $2,000,000 for PROJECT costs, plus $20,000 for the loan origination fee of 1 % in accordance with CWCB Policy No. 16, resulting in a total loan amount of $2,020,000, not to exceed 90% of the cost of the PROJECT, with at an interest rate of 3.15% per annum for a repayment term of 30 years. SECTION 5 — SCHEDULE OF EXISTING DEBT No existing debt. SECTION 6 - COLLATERAL As Security for the loan, the Company will pledge its assessment revenues backed by a rate covenant and an undivided one hundred percent (100 %) interest in the Project which includes outlet works and toe drain, as more particularly described in the DEED OF TRUST ( "COLLATERAL "), in the form attached as APPENDIX 5 and incorporated herein. This is in compliance with the CWCB Financial Policy #5 (Collateral). SECTION 7 — ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS No additional conditions or contract requirements 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 PROJECT. 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. Appendix 1 to Loan Contract C150344 Page 2 of 4