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loan money for water projects from the Severance Tax Perpetual Base Fund for the <br /> benefit of the people of the state, provided that the BORROWER assures repayment of that <br /> money. <br /> SECTION 4-BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION <br /> At its May 22, 2014, meeting the CWCB approved a Small Project Loan, from the <br /> Severance Tax Perpetual Base Fund to the BORROWER, in an amount up to $3,156,000 <br /> for PROJECT costs with a loan service fee of 1% in accordance with CWCB Policy No. 16 <br /> resulting in a loan service fee of$31,560 and a total loan amount of$3,187,560 at an <br /> interest rate of 1.75% per annum for a repayment term of 30 years. <br /> Pursuant to CWCB projects Bill HB14-1333, the Colorado General Assembly authorized <br /> CWCB to loan to the BORROWER a total amount up to $28,451,700 for the Chatfield <br /> Reallocation PROJECT. There will be a total of three (3) CWCB loan contracts. <br /> SECTION 5—SCHEDULE OF EXISTING DEBT <br /> As of the date of the CWCB loan approval, the BORROWER has outstanding the following <br /> obligation. <br /> 2013 3 Mill Tax <br /> District $30,000,000 $30,000,000 1,461,000 2035 <br /> Bond Levy <br /> SECTION 6—ADDITIONAL CONDITIONS &CONTRACT REQUIREMENTS <br /> NONE. <br /> SECTION 7—ELIGIBLE EXPENSES. The following items are eligible for loan disbursements. <br /> A. Borrower's pro-rata share of the amount that is repaid to the United States <br /> Treasury for the proportion of the joint cost of Chatfield Project construction <br /> related to the 20,600 AF of reallocated water storage, as computed by the <br /> Assistant Secretary of the Army (Civil Works), and documented in the Record of <br /> Decision, Chaffield Reservoir Colorado Storage Reallocation Project, dated May <br /> 29, 2014. <br /> B. Borrower's cost of storage expense incurred prior to the Effective Date of this <br /> Contract in accordance with the approval of this loan. <br /> SECTION 8—DISBURSEMENT SCHEDULE <br /> For PROJECT costs: The Chaffield Reservoir Mitigation Company, Inc. ("MITIGATION <br /> COMPANY") shall prepare a written request for funds which shall include copies of <br /> the MITIGATION COMPANY'S board approval and copies of the backup for the request <br /> Appendix 1 <br /> Page 2 of 3 <br />