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SECTION 4- BOARD APPROVAL <br /> At its September, 2015 meeting the CWCB approved a Small Project Loan from the <br /> CWCB Severance Tax Perpetual Base Fund to the BORROWER in an amount up to <br /> $100,000 for PROJECT costs, with $1,000 for the loan origination fee of 1%, in accordance <br /> with CWCB Policy No. 16, resulting in a total loan amount of $101,000 at an interest rate <br /> of 1.95% per annum for a repayment term of 10 years. <br /> SECTION 5—SCHEDULE OF EXISTING PARITY DEBT <br /> The City of Lamar, a home rule municipality, acting by and through its Water Activity <br /> Enterprise currently has outstanding debt obligations. See table below. <br /> EXISTING PARITY DEBT <br /> Lender Project Annual Remaining Maturity <br /> Payment Balance Date <br /> Colorado Water <br /> Resources and Power Relocation of chlorine <br /> Development building & storage tank $194,788 $5,499,634 2030 <br /> Authority improvements <br /> The parity letter and certificates establishing that the CWCB's lien on the revenues <br /> pledged to repay this loan has parity status in relation to the liens associated with the <br /> above listed loans are incorporated herein by reference. <br /> SECTION 6—ADDITIONAL CONDITIONS &CONTRACT REQUIREMENTS <br /> None. <br /> SECTION 7—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, plans and specifications must be submitted to the CWCB <br /> staff for verification of compliance with the terms of this CONTRACT when available <br /> 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 <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. CWCB staff must be invited to bid opening and must approve the award of the <br /> construction contract. <br /> E. The BORROWER shall contract for the construction of the work with responsible and <br /> Appendix 1 <br /> Page 2 of 4 <br />