C150390 Contract - Laserfiche WebLink

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SECTION 5—SCHEDULE OF EXISTING DEBT No other debt, backed by pledged collateral, described in Section 6 below, exists. SECTION 6 -COLLATERAL The COLLATERAL provided for this loan, as evidenced by the executed SECURITY AGREEMENT (Appendix 4) and DEED OF TRUST (APPENDIX 5) and incorporated herein, shall be a pledge of assessment revenues backed by a rate covenant and an undivided one hundred percent (100%) interest in the Culver Lateral Ditch Company's diversion, headgate and measurement structures, as more particularly described in the attached DEED OF TRUST ("COLLATERAL") which is incorporated herein. This is in accordance with CWCB Financial Policy #5 (Collateral). SECTION 7 — ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS Any future grant funds obtained for the purpose of this PROJECT shall be submitted to CWCB to be applied to the balance of the loan within thirty (30) calendar days after receipt of said funds. SECTION 8—CONSTRUCTION LOAN PROGRAM PROCEDURES A. The BORROWER shall employ an engineer, registered in the state of Colorado to prepare plans and specifications for the PROJECT. B. Engineering Contracts 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. The BORROWER shall extend an invitation to CWCB to be present at the bid opening. 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 C150390 Page 2 of 4