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money. SECTION 4-BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION At its May 22, 2014, meeting the CWCB approved a Small Project Loan, from the Severance Tax Perpetual Base Fund to the BORROWER, in an amount up to $93,700 for PROJECT costs with a loan service fee of 1% in accordance with CWCB Policy No. 16 resulting in a loan service fee of$937 and a total loan amount of$94,637 at an interest rate of 2.50% per annum for a repayment term of 15 years. Pursuant to CWCB projects Bill HB14-1333, the Colorado General Assembly authorized CWCB to loan to the BORROWER a total amount up to $606,000 for the Chatfield Reallocation PROJECT. There will be a total of two (2) CWCB loan contracts. SECTION 5—SCHEDULE OF EXISTING DEBT As of the date of the CWCB loan approval, the District had $659,144 in existing debt, consisting of two CWCB loans shown in the table below. The loans are current and in good standing. Lender Original Current Annual Maturity Collateral Balance Balance Payment Date CWCB $454,500 $291,204 $54,650 2019 Pledge of Tax (C150276) Revenues CWCB $404,000 $367,940 $46,161 2023 Pledge of Tax (C150335) Revenues Total $659,144 $100,811 SECTION 6—ADDITIONAL CONDITIONS&CONTRACT REQUIREMENTS NONE. SECTION 7—ELIGIBLE EXPENSES. The following items are eligible for loan disbursements. A. Borrower's pro-rata share of the amount that is repaid to the United States Treasury for the proportion of the joint cost of Chatfield Project construction related to the 20,600 AF of reallocated water storage, as computed by the Assistant Secretary of the Army (Civil Works), and documented in the Record of Decision, Chatfield Reservoir Colorado Storage Reallocation Project, dated May 29, 2014. B. Borrower's cost of storage expense incurred prior to the Effective Date of this Contract in accordance with the approval of this loan. Appendix 1 Page 2 of 3