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SECTION 4-BOARD APPROVAL <br /> At its March 19, 2013 meeting, the CWCB approved a Small Project Loan from the <br /> Construction Fund to the BORROWER in an amount up to $830,700 for PROJECT costs, <br /> with $8,300 for the loan origination fee of 1% in accordance with CWCB Policy No. 16, <br /> resulting in a total loan amount of$839,000 at an interest rate of 2.50% per annum for <br /> a repayment term of 30 years. <br /> SECTION 5—SCHEDULE OF EXISTING DEBT <br /> As of the date of the CWCB loan approval, the DISTRICT has an existing loan with the <br /> CWCB for the acquisition of water rights in the Pine River Weminuche Pass Ditch. <br /> The loan balance of$667,825, with annual payments of$39,540, has a maturity <br /> date of May 1, 2039. All payments have been made on time and the loan is in good <br /> standing. Collateral for the loan is a pledge of Water Activity Enterprise revenues <br /> backed by a rate covenant and annual financial reporting. <br /> SECTION 6— Loan Security <br /> The SECURITY provided for this loan, as evidenced by the executed SECURITY <br /> AGREEMENT (Appendix 4), and incorporated herein, shall be a pledge of assessment <br /> revenues and a rate covenant. This is in accordance with CWCB Financial Policy #5 <br /> (COLLATERAL). <br /> SECTION 7—ADDITIONAL CONDITIONS&CONTRACT REQUIREMENTS <br /> NONE <br /> SECTION 8—CONSTRUCTION FUND PROGRAM PROCEDURES FOR WATER PURCHASE <br /> PROJECTS. <br /> A. The BORROWER must submit a written appraisal or opinion of value from a qualified <br /> water rights appraiser supporting the purchase price prior to disbursal of loan <br /> funds. <br /> B. The BORROWER shall pay all of the expenses related to the PROJECT when such <br /> bills are due. <br /> SECTION 9—ELIGIBLE EXPENSES FOR WATER PURCHASE PROJECTS. <br /> A. Engineering associated with the feasibility report prepared as a requirement for <br /> this loan and associated with evaluating the suitability of the water rights for <br /> purchase by the BORROWER. <br /> B. Interest during completion of the PROJECT pursuant to Paragraph A.4 herein. <br /> C. Legal services for reviewing engineering services contracts and this CONTRACT. <br /> D. Purchase of the water rights. <br /> Appendix 1 to Loan Contract C150348 <br /> Page 2 of 3 <br />