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As of the date of the CWCB loan approval, the BORROWER also had outstanding the following <br /> obligation payable from the PLEDGED REVENUES of the Enterprise, which obligation constitute <br /> a PARITY OBLIGATION under the LOAN CONTRACT and requires a Parity Certificate <br /> DOLA Sub district A 2024 $400,000 $225,288 $31,696 Enterprise <br /> (water main extensions) Revenues <br /> The BORROWER must provide, to the CWCB, a Parity Certificate from an independent <br /> certified public accountant certifying that, based on an analysis of the BORROWER'S <br /> revenues, for 12 consecutive months out of the 18 months immediately preceding the date <br /> of issuance of such Parity Bonds, the BORROWER'S revenues are sufficient to pay its annual <br /> operating and maintenance expenses, annual debt service on all outstanding indebtedness <br /> having a lien on the PLEDGED REVENUES including this loan, and all required deposits to any <br /> reserve funds required by this CONTRACT or by the lender(s) of any indebtedness having a <br /> lien on PLEDGED REVENUES. The analysis of revenues shall be based on the BORROWER'S <br /> current rate structure or the rate structure most recently adopted. No more than 10% of total <br /> revenues may originate from tap and/or connection fees. <br /> SECTION 6— Loan Security <br /> The SECURITY provided for this loan, as evidenced by the executed SECURITY AGREEMENT <br /> (Appendix 5) and incorporated herein, shall be a pledge of Water Activity Enterprise <br /> revenues (backed by a rate 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 /> Appendix 1 <br /> Page 2 of 4 <br />