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SECTION 5—SCHEDULE OF EXISTING DEBT <br /> No other debt backed by collateral described in Section 6 below exists <br /> SECTION 6-COLLATERAL <br /> The COLLATERAL provided for this loan, as evidenced by the executed SECURITY <br /> AGREEMENT(Appendix 4) and DEED OF TRUST(APPENDIX 5) and incorporated herein, shall <br /> be a pledge of its Water Activity Enterprise Revenues backed by a rate covenant and <br /> 200 acre-foot units of Colorado-Big Thompson Project Water contractual rights <br /> administered through Northern Water, valued at 110% of the loan amount, as more <br /> particularly described in the attached DEED OF TRUST ("COLLATERAL") which is <br /> incorporated herein. This is in accordance with CWCB Financial Policy#5 (COLLATERAL). <br /> A Notice of Claim of Lien or Security Interest in a Class D Allotment and Request for <br /> Notification of Action Regarding a Class D Allotment Contract shall be completed and <br /> sent to Northern Colorado Water Conservancy District. <br /> SECTION 7—ADDITIONAL CONDITIONS&CONTRACT REQUIREMENTS <br /> Except for FEMA grant funds, any future grant funds obtained for the purpose of this <br /> Project shall be submitted to CWCB to be applied to the balance of the loan within thirty <br /> (30) calendar days after receipt of said funds. Non-rescinded FEMA grant funds shall be <br /> applied to the balance of the loan within thirty (30) calendar days after FEMA Project <br /> Closeout, as long as the borrower deposits received FEMA grant funds in a secured <br /> account prior to Project Closeout. FEMA grant funds shall only be used for the <br /> repayment of rescinded grant funds, or to pay down the loan principal. <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, which are found acceptable by the CWCB staff. <br /> Appendix 1 <br /> Page 2 of 4 <br />