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Section 37-60-122(1)(b), C.R.S., authorizes the CWCB to make loans of up to <br /> $10,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust <br /> Fund Perpetual Base Account Fund without prior approval from the General <br /> Assembly. <br /> SECTION 4 - BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION <br /> At its July 2013 meeting, the CWCB approved a Small Project Loan from the Construction <br /> Fund to the BORROWER, in an amount up to $274,500 for PROJECT costs, with $2,745 for <br /> the loan origination fee of 1% in accordance with CWCB Policy No. 16, resulting in a total <br /> loan amount of $277,245 at an interest rate of 2.25% per annum for a repayment term of <br /> 30 years. <br /> SECTION 5—SCHEDULE OF EXISTING DEBT <br /> No other debt, backed by the Water Activity Enterprise revenues, exists. <br /> SECTION 6—ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br /> NONE <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. Engineering contracts, plans and specifications must be submitted to the CWCB <br /> staff for verification of compliance with the terms of this CONTRACT when available <br /> 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 <br /> by § 37-87-105 C.R.S., the BORROWER shall provide a letter of approval from the <br /> State Engineer's Office prior to construction. <br /> D. The BORROWER shall extend an invitation to CWCB to be present at the bid <br /> 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 <br /> the 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 /> Appendix 1 to Loan Contract C150359 <br /> Page 2 of 4 <br />