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SECTION 6— Loan Security <br /> The SECURITY provided for this loan, as evidenced by the executed SECURITY AGREEMENT <br /> (Appendix 4) and incorporated herein, shall be a pledge of water revenues, backed by a rate <br /> covenant. <br /> Section 7-ADDITIONAL CONDITIONS&CONTRACT REQUIREMENTS <br /> None. <br /> SECTION 8—"CONSTRUCTION FUND PROGRAM" PROCEDURES <br /> A. The BORROWER shall employ an engineer, registered in the State of Colorado to prepare <br /> plans and specifications for the PROJECT. <br /> B. Engineering contracts and the plans and specifications must be submitted to the CWCB <br /> staff for verification of compliance with the terms of this CONTRACT when available prior to <br /> bidding. Any modifications, to the plans and specifications that effect changes to the <br /> construction costs must be approved in writing by CWCB <br /> C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by § 37- <br /> 87-105 C.R.S., the BORROWER shall provide a letter of approval from the State Engineer's <br /> Office prior to construction. <br /> D. The BORROWER shall notify CWCB of the bid opening date, time and location. CWCB staff <br /> 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 the <br /> CWCB staff. <br /> G. The BORROWER must provide a copy of the following construction contract documents: <br /> executed contractor's proposal, executed construction contract, executed performance <br /> bond, executed payment bond, executed notice of award, proposed notice to proceed, <br /> sample change order, and sample field order, as well as the advertisement for bid and bid <br /> bond at bidding. After the CWCB staff verifies that these documents comply with the <br /> terms of this CONTRACT, the BORROWER may issue the notice to proceed to the <br /> Construction Firms. <br /> H. The BORROWER shall conduct a pre-construction conference at which time the CWCB staff <br /> shall have the opportunity to review and approve the construction schedule. <br /> I. If the CWCB staff determines that the PROJECT requires a resident inspector during <br /> construction, the BORROWER shall employ an inspector who has been approved by the <br /> CWCB staff. <br /> J. The BORROWER shall construct the PROJECT in accordance with the approved plans and <br /> specifications. <br /> K. Upon completion of the PROJECT construction, the BORROWER shall provide as-built <br /> drawings of the PROJECT to the CWCB staff, or, if required by § 37-87-105, C.R.S., the <br /> BORROWER shall provide the as-built drawings to the State Engineer's Office for approval <br /> Appendix 1 <br /> Page 2 of 3 <br />