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Section 37-60-122(1)(b), C.R.S., authorizes the CWCB to make loans of up to <br /> $10,000,000 from the Severance Tax Perpetual Base Fund without prior approval from <br /> the General Assembly. Pursuant to CWCB projects Bill HB14-1333, the Colorado <br /> General Assembly authorized CWCB to loan to the BORROWER a total amount up to <br /> $28,280,000.00 for the Chatfield Reallocation PROJECT. There will be a total of three (3) <br /> CWCB loan contracts. <br /> SECTION 4-BOARD APPROVAL AND LEGISLATURE 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 $18,083,000 <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$180,830 and a total loan amount of$18,263,830 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 District $30,000,000 $30,000,000 1,461,000 2035 3 Mill Tax <br /> Bond Levy <br /> SECTION 6—ADDITIONAL CONDITIONS&CONTRACT REQUIREMENTS <br /> NONE. <br /> SECTION 7—CONSTRUCTION FUND PROGRAM PROCEDURES <br /> A. The BORROWER shall employ or cause the entity that oversees construction of the <br /> Project to employ an engineer, registered in the State of Colorado to prepare plans <br /> 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 /> Appendix 1 <br /> Page 2 of 5 <br />