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SECTION 5—SCHEDULE OF EXISTING DEBT <br /> As of the date of the CWCB loan approval, the DISTRICT had an existing loan with the <br /> Colorado Water Conservation Board, Contract #C150307, in the original amount of <br /> $77,265, with annual payments of $3,815.69 and an interest rate of 2.75% per annum <br /> and a term of 30 years. The loan has an estimated maturity date of 2041 and is in good <br /> standing. <br /> SECTION 6—LOAN SECURITY <br /> The SECURITY provided for this loan, as evidenced by the executed SECURITY <br /> AGREEMENT (Appendix 4) and DEED OF TRUST (APPENDIX 5) and incorporated herein, <br /> shall be a pledge of assessment revenues with an assessment covenant and an <br /> undivided one hundred percent (100%) interest in the Spillway Structure as more <br /> particularly described in the attached DEED OF TRUST. <br /> SECTION 7— ADDITIONAL CONDITIONS&CONTRACT REQUIREMENTS <br /> Upon a payment toward the outstanding principal representing the non-agricultural <br /> Company share of the final accumulated loan amount (including the 1% Loan Service <br /> Fee), the loan interest rate shall be amended down to the agricultural rate of 2% per <br /> annum. <br /> SECTION 8—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 and the plans and specifications must be submitted to the <br /> CWCB staff for verification of compliance with the terms of this CONTRACT when <br /> available prior to bidding. Any modifications, to the plans and specifications that <br /> effect changes to the construction costs must be approved in writing by CWCB. <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 notify CWCB of the bid opening date, time and location. <br /> CWCB staff 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, selected by the BORROWER and found acceptable by <br /> the CWCB staff. <br /> G. The BORROWER must provide a copy of the following construction contract <br /> documents: executed contractor's proposal, executed construction contract, <br /> Appendix 1 <br /> Page 2 of 4 <br />