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SECTION 5—SCHEDULE OF EXISTING DEBT <br /> No other debt, backed by collateral, exists. <br /> SECTION 6 -COLLATERAL <br /> The COLLATERAL provided for this loan, as evidenced by the executed SECURITY <br /> AGREEMENT (Appendix 4) and DEED OF TRUST (APPENDIX 5) and incorporated herein, <br /> shall be a pledge of assessment revenues backed by a rate covenant and an <br /> undivided one hundred percent (100%) interest in the Rough and Ready Ditch <br /> Diversion Structure and Headgate, as more particularly described in the attached <br /> DEED OF TRUST ("COLLATERAL"). <br /> SECTION 7—ADDITIONAL CONDITIONS&CONTRACT REQUIREMENTS <br /> Any future grant funds obtained for the purpose of this PROJECT shall be submitted to <br /> CWCB to be applied to the balance of the loan within thirty (30) calendar days after <br /> receipt of said funds. <br /> SECTION 8—CONSTRUCTION LOAN 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. Engineering Contracts and the plans and specifications must be submitted to the <br /> CWCB staff for verification of compliance with the terms of this CONTRACT when <br /> available prior to bidding. Any modifications to the plans and specifications must be <br /> approved in writing by the CWCB staff. <br /> C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by <br /> § 37-87-105 C.R.S., the BORROWER shall provide a letter of approval from the State <br /> Engineer's Office prior to construction. <br /> D. The BORROWER shall extend an invitation to CWCB to be present at the bid opening. <br /> E. The BORROWER shall contract for the construction of the work with responsible and <br /> capable Construction Firms, which said Construction Firms shall be selected by the <br /> 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 bid <br /> bond at bidding. After the CWCB staff verifies that these documents comply with <br /> the terms of this CONTRACT, the BORROWER may issue the notice to proceed to the <br /> Construction Firms. <br /> G. The BORROWER shall conduct a pre-construction conference at which time the <br /> Appendix 1 to Loan Contract C150371 <br /> Page 2 of 4 <br />