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charge for a total loan amount of$892,137, with repayment terms of 3% per annum for 10 years. <br /> SECTION 5— SCHEDULE OF EXISTING DEBT : i <br /> The BORROWER has one existing loan with the CWCB for the BORRO . . -'4 T ,'` a t oject in the <br /> amount of$5,461,200 (Loan Contract C150058 dated April 1, 2 <br /> : .., ' <br /> SECTION 6 —ADDITIONAL CONDITIONS & CONTRACT REQUI 7`�� :,� <br /> g.: <br /> 1. No CWCB loan funds are to be disbursed until the BORROW R •• '.Fp `vie e•k•o entation <br /> that 200 tap commitments have been secured for the PROJECT. •n i-•.- aer 2003, the <br /> BORROWER notified the CWCB that it had secured the 200th tap agreement eady to <br /> proceed with the loan contract. The BORROWER hereby certifies by execution of this contract <br /> that it has tap agreements for at least 200 Project taps. <br /> 2. In the event the BORROWER obtains grant funds through the Department of Local Affairs with <br /> the intent of reducing the impact of tap fees required of Dove Creek residents, said grant funds <br /> shall be used to reduce the principal amount of the CWCB loan. The BORROWER received a <br /> $300,000 grant from the Colorado Department of Local Affairs to support part of the cost of the <br /> PROJECT. Therefore, the Loan Amount from the CWCB to the BORROWER is in the amount of <br /> $598,058. <br /> SECTION 7 — CONSTRUCTION FUND PROGRAM PROCEDURES <br /> A. The BORROWER shall employ an engineer, registered in the state of Colorado to prepare plans and <br /> specifications for the PROJECT. <br /> B. The BORROWER'S and the Engineering Consultant's Agreements and the plans and specifications <br /> must be submitted to the CWCB staff for verification of compliance with the terms of this Contract <br /> when available prior to bidding. Any modifications to the plans and specifications must be <br /> approved in writing by the CWCB staff. <br /> C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by § 37-87-105 <br /> C.R.S., the BORROWER shall provide a letter of approval from the State Engineer's Office prior to <br /> construction. <br /> D. For any components of the PROJECT not performed by the BORROWER'S staff, <br /> i. CWCB staff must be present at bid opening and must approve the award of the construction <br /> contract. <br /> ii. The BORROWER shall contract for the construction of the work with responsible and capable <br /> Construction Firms, which said Construction Firms shall be selected by the BORROWER and <br /> found acceptable by the CWCB staff. <br /> iii. The BORROWER must provide a copy of the executed construction contract documents <br /> consisting of the contractor's proposal, construction contract, performance bond, payment <br /> bond, notice of award, notice to proceed, sample change order, and sample field order, as well <br /> as the advertisement for bid and bid bond at bidding. After the CWCB staff verifies that these <br /> documents comply with the terms of this contract, the BORROWER may issue the notice to <br /> proceed to the Construction Firms. <br /> E. The BORROWER shall conduct a pre-construction conference at which time the CWCB staff shall <br /> have the opportunity to review and approve the construction schedule. <br /> F. If the CWCB staff determines that the PROJECT requires a resident inspector during construction, <br /> the BORROWER shall employ an inspector who has been approved by the CWCB staff. <br /> G. The BORROWER shall construct the PROJECT in accordance with the approved plans and <br /> specifications. <br /> Page 2 of 3 <br />