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Severance Tax Trust Fund Perpetual Base Account to the BORROWER in an amount up
<br /> to $4,994,955 for PROJECT costs, not to exceed 90% of the cost of the PROJECT, with a
<br /> loan origination fee of 1% in accordance with CWCB Policy No. 16, at an interest rate of
<br /> 3.6% per annum for a repayment term of 20 years.
<br /> SECTION 5—SCHEDULE OF EXISTING DEBT
<br /> The BORROWER has four outstanding revenue bond issues (1) 1999 Water Revenue Bond,
<br /> principal balance $4,100,000, maturing in 2019, with a payment of $381,523 due in 2006;
<br /> (2) 2002 Water Revenue Bond, principal balance $3,145,000, maturing in 2021, with a
<br /> payment of $208,645 due in 2006; (3) 2004 Water Revenue Refunding Bond, principal
<br /> balance $4,635,000, maturing in 2014, with a payment of$258,658 due in 2006; (4) 2004B
<br /> Water Revenue Refunding Bond, principal balance $5,085,000, maturing in 2020, with a
<br /> payment of $230,213 due in 2006; and two loans with Colorado Water Resources and
<br /> Power Development Authority that mature in 2008 (1) $4,800,000 September 15, 1992,
<br /> and (2) $1,617,221 September 15, 1998. The parity certificate dated
<br /> establishing that the lien created by this loan has parity with the liens described above, is
<br /> incorporated herein by reference.
<br /> SECTION 6— ADDITIONAL CONDITIONS &CONTRACT REQUIREMENTS
<br /> No additional conditions.
<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. The BORROWER's and the Engineering Consultant's plans and specifications must
<br /> be submitted to the CWCB staff for verification of compliance with the terms of this
<br /> Contract when available prior to bidding. Any modifications to the plans and
<br /> specifications must be approved in vYritI g y e WCB staff.
<br /> C. For plans and specifications for all 1 a: s and reservoirs, as defined
<br /> by § 37-87-105 C.R.S., the BORRO e a letter of approval from the
<br /> State Engineer's Office prior t s cVeg
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<br /> D. CWCB staff must be present I p - nup
<br /> prove the award of the
<br /> construction contract.
<br /> E. The BORROWER shall contract for the construction of the work with responsible and
<br /> capable Construction Firms, which said Construction Firms shall be selected by
<br /> the BORROWER and found acceptable by the CWCB staff.
<br /> F. The BORROWER must provide a copy of the executed construction contract
<br /> documents consisting of the contractor's proposal, construction contract,
<br /> performance bond, payment bond, notice of award, notice to proceed, sample
<br /> 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
<br /> Appendix 1 to Loan Contract C150210
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