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SECTION 6-LOAN SECURITY <br /> The SECURITY for this loan, as evidenced by the executed SECURITY AGREEMENT(APPENDIX 5) <br /> and incorporated herein, shall be: (i) an irrevocable (but not exclusive) pledge to the <br /> CWCB of the PLEDGED REVENUES in such amount as is necessary to make each annual <br /> payment due under this LOAN CONTRACT, on a parity with all <br /> PARITY INDEBTEDNESS; (ii) a rate covenant; and (iii) annual financial reporting in accordance <br /> with CWCB Policy No. 5. <br /> SECTION 7-ADDITIONAL CONDITIONS&CONTRACT REQUIREMENTS <br /> None. <br /> SECTION 8- <br /> "CONSTRUCTION FUND PROGRAM"PROCEDURES FOR WATER RIGHTS PURCHASE <br /> A. The BORROWER must submit a written appraisal or opinion of value from a qualified water <br /> rights appraiser supporting the purchase price prior to disbursal of loan funds. <br /> B. The BORROWER shall pay all of the expenses related to the PROJECT when such bills are due. <br /> and <br /> "CONSTRUCTION FUND PROGRAM"PROCEDURES FOR PROJECT <br /> A. The BORROWER shall employ an engineer, registered in the State of Colorado to prepare plans <br /> and specifications for the PROJECT. <br /> B. Engineering contracts and the plans and specifications must be submitted to the CWCB staff <br /> 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§ 37-87- <br /> 105 C.R.S., the BORROWER shall provide a letter of approval from the State Engineer's Office <br /> 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 capable <br /> Construction Firms, selected by the BORROWER and found acceptable by the 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 bond, <br /> executed payment bond, executed notice of award, proposed notice to proceed, sample <br /> change order, and sample field order, as well as the advertisement for bid. After the CWCB <br /> staff verifies that these documents comply with the terms of this CONTRACT, the BORROWER <br /> may issue the notice to proceed to the Construction Firms. <br /> Appendix i <br /> Page 2 of 4 <br />