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SECTION 5—SCHEDULE OF EXISTING DEBT <br /> The BORROWER has an existing loan with Colorado Water Conservation Board, Loan Contract <br /> #C150168 in the original loan amount of$171,700 with a current balance of$105,990 and an <br /> annual payment of$11,328 in annual loan obligation. The loan will be paid off in 2024 and is in <br /> good standing. <br /> SECTION 6-COLLATERAL <br /> The COLLATERAL provided for this loan, as evidenced by the executed SECURITY AGREEMENT <br /> (Appendix 4) and DEED OF TRUST (APPENDIX 5) and incorporated herein, shall be a pledge of <br /> assessment revenues backed by a assessment covenant and an undivided one hundred <br /> percent (100%) interest in the PROJECT, which includes the South Platte River diversion <br /> gates, the trash rack and the Branch Ditch Diversion Structure as more particularly described <br /> in the attached DEED OF TRUST ("COLLATERAL") which is incorporated herein. This is in <br /> accordance with CWCB Financial Policy#5 (COLLATERAL). <br /> SECTION 7—ADDITIONAL CONDITIONS&CONTRACT REQUIREMENTS <br /> NONE. <br /> SECTION 8—CONSTRUCTION FUND PROGRAM PROCEDURES <br /> A. The BORROWER shall employ an engineer, registered in the State of Colorado to prepare <br /> plans and specifications for the PROJECT. <br /> B. Engineering Contracts and the plans and specifications must be submitted to the CWCB <br /> staff for verification of compliance with the terms of this CONTRACT when available prior to <br /> bidding. Any modifications, to the plans and specifications that effect changes to the <br /> construction costs must be approved in writing by CWCB. <br /> C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by § 37- <br /> 87-105 C.R.S., the BORROWER shall provide a letter of approval from the State Engineer's <br /> Office prior to construction. <br /> D. The BORROWER shall notify CWCB of the bid opening date, time and location. CWCB staff <br /> may elect to attend the bid opening. <br /> E. CWCB must approve the award of the construction contract. <br /> F. The BORROWER shall contract for the construction of the work with responsible and <br /> capable Construction Firms, which are found acceptable by the CWCB staff. <br /> G. The BORROWER must provide a copy of the executed construction contract documents <br /> consisting of the contractor's proposal, construction contract, performance bond, payment <br /> bond, notice of award, notice to proceed, sample change order, and sample field order, as <br /> well as the advertisement for bid and bid bond at bidding. After the CWCB staff verifies <br /> that these documents comply with the terms of this CONTRACT, the BORROWER may issue <br /> the notice to proceed to the Construction Firms. <br /> H. The BORROWER shall conduct a pre-construction conference at which time the CWCB staff <br /> shall have the opportunity to review and approve the construction schedule. <br /> Appendix 1 to Loan Contract C150399 <br /> Page 2 of 4 <br />