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BORROWER, for the Lake Otonowanda Rehabilitation Project (PROJECT) to rehabilitate <br /> Lake Otonowanda and increase the Town's raw water storage capacity. On March <br /> 19, 2013 the CWCB approved a change to the scope of work for the PROJECT. The <br /> approved change included the acquisition of property for the Renovation of Lake <br /> Otonowanda. The CWCB approved a Small Project Loan from the Construction Fund to <br /> the BORROWER in an amount up to $600,000 for PROJECT costs, not to exceed 90% of the <br /> cost of the PROJECT, with a loan origination fee of 1%, in accordance with CWCB Policy <br /> No. 16, resulting in a total loan amount of $606,000. The repayment term of the loan shall <br /> be thirty (30) years at an interest rate of 3.0% per annum. <br /> SECTION 5—SCHEDULE OF EXISTING PARITY DEBT <br /> The Town of Ridgway, a home rule municipality, acting by and through its Water Activity <br /> Enterprise currently has outstanding debt obligations. See table below. <br /> EXISTING PARITY DEBT <br /> Lender Balance Annual Payment Maturity Date <br /> DOLA —Water $69,619.69 (as of $9,795 2021 <br /> Plant 12/31/12) <br /> CWRPDA $382,500 (as of $22,500 2030 <br /> 5/1/13) <br /> The parity letter and certificates establishing that the CWCB's lien on the revenues <br /> pledged to repay this loan has parity status in relation to the liens associated with the <br /> above listed loans are incorporated herein by reference. <br /> SECTION 6—ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br /> Prior to disbursement of funds the Town shall have the necessary funds secured to <br /> finance the entire PROJECT. <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 /> Appendix 1 to Loan Contract C150340 <br /> Page 2 of 4 <br />