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SECTION 3—CWCB's AUTHORITY <br /> Construction Fund: This loan is made pursuant to the provisions of§§ 37-60-119 <br /> and 37-60-120, C.R.S., which authorize the CWCB to loan money for water projects <br /> from the CWCB Construction Fund for the benefit of the people of the state, provided <br /> that the borrower assures repayment of that money. <br /> Pursuant to CWCB Projects Bill (HB14-1333), the Colorado General Assembly <br /> authorized CWCB to loan moneys for the authorized WISE Projects, up to a total <br /> amount of$43,430,000.00. <br /> SECTION 4-BOARD APPROVAL <br /> At its May 22, 2014 meeting the CWCB approved loans, from the Construction Fund <br /> to the BORROWER, in an amount up to $4,464,000 for the WISE PROJECT costs. <br /> CWCB's loan origination fee of 1%, in accordance with CWCB Policy No. 16, of <br /> $44,640 added to the Loan Contract results in a total loan amount of$4,508,640, at <br /> an interest rate of 3.00% per annum for a repayment term of 30 years. There will be a <br /> total of four(4) CWCB contracts. <br /> SECTION 5—SCHEDULE OF EXISTING DEBT <br /> No other debt, backed by Borrower's Cottonwood Water Enterprise revenues exists. <br /> SECTION 6—ADDITIONAL CONDITIONS&CONTRACT REQUIREMENTS <br /> None. <br /> SECTION 7—CONSTRUCTION FUND PROGRAM PROCEDURE <br /> The BORROWER shall pay all of the expenses related to the PROJECT when such bills are <br /> due. <br /> SECTION 8—ELIGIBLE EXPENSES. The following items are eligible for loan disbursements. <br /> A. All expenses related to the PROJECT including PROJECT-related expenses incurred <br /> prior to the Effective Date of this CONTRACT in accordance with the approval of this <br /> loan. <br /> B. Interest during completion of the PROJECT pursuant to Paragraph A.4 of the <br /> CONTRACT. <br /> C. Legal services for reviewing this CONTRACT. <br /> SECTION 9—DISBURSEMENT SCHEDULE <br /> For PROJECT costs: The BORROWER shall prepare a written request for funds. After <br /> receipt of the written request from the BORROWER and review and acceptance of the <br /> items therein as eligible expenses, as described above, the CWCB will pay to the <br /> BORROWER the amount set forth in the request or such portion that has been approved <br /> by the CWCB. Such payment shall be made within thirty(30) days from the CWCB's <br /> Appendix 1 to Loan Contract CI50408A <br /> Page 2 of 3 <br />