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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 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 /> D. The BORROWER shall extend an invitation to CWCB to be present at the bid <br /> opening. <br /> E. The BORROWER shall contract for the construction of the work with responsible and <br /> capable Construction Firms, which said Construction Firms shall be selected by <br /> the BORROWER and found acceptable by the CWCB staff. <br /> Appendix 1 to Loan Contract C150408B <br /> Page 2 of 4 <br />