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SECTION 4-BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED) At its July 17, 2013 meeting, the CWCB approved a Small Project Loan from the Construction Fund to the BORROWER in an amount up to $167,500 for PROJECT costs, with $1,675 for the loan origination fee of 1% in accordance with CWCB Policy No. 16, resulting in a total loan amount of $169,175 at an interest rate of 3.0% per annum for a repayment term of 30 years. A contract was not executed at that time. On March 19, 2014, CWCB approved a change to the loan contract that included changing the BORROWER from Bellyache Ridge Metropolitan District to the Bellyache Ridge Metropolitan District acting by and through its Bellyache Ridge Water Enterprise and a change of pledged collateral from mill levy revenues and annual financial reporting to user fees and rates and annual financial reporting. SECTION 5—SCHEDULE OF EXISTING DEBT No other debt, backed by user fees and rates, exists. SECTION 6—ADDITIONAL CONDITIONS& CONTRACT REQUIREMENTS NONE SECTION 7—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. Engineering contracts, 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 C150356 Page 2 of 4