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SECTION 5—SCHEDULE OF EXISTING DEBT <br /> As of the date of the CWCB loan approval, the BORROWER had two existing loans <br /> with the Colorado Water Conservation Board, summarized below. The loans are in <br /> good standing. <br /> Lender Original Current Annual Maturity Collateral <br /> Balance Balance Payment Date <br /> CWCB Water rights available to <br /> (C150052) $1,570,214 $1,188,656 $98,226 2032 the Laramie River System of <br /> CWCB the Tunnel Water Company. <br /> (C150065) $1,847,932 $1,391,268 $112,799 2032 Easement for the Laramie- <br /> Poudre Tunnel. <br /> SECTION 6—LOAN SECURITY <br /> The SECURITY provided for this loan, as evidenced by the executed SECURITY <br /> AGREEMENT (Appendix 5) and DEED OF TRUST (APPENDIX 6) and incorporated <br /> herein, shall be a pledge of assessment revenues backed by a assessment <br /> covenant and an undivided one hundred percent (100%) interest in the West and <br /> East Portal Structures, more particularly described in the attached DEED OF TRUST <br /> and in accordance with CWCB Policy No. 5. <br /> SECTION 7—ADDITIONAL CONDITIONS&CONTRACT REQUIREMENTS <br /> None. <br /> SECTION 8— "CONSTRUCTION FUND PROGRAM" PROCEDURES FOR PROJECTS <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 by <br /> § 37-87-105 C.R.S., the BORROWER shall provide a letter of approval from the State <br /> 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 /> Appendix 1 <br /> Page 2 of 4 <br />