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TOTAL LOAN AMOUNT of$1,717,000.00, at an interest rate of 2.o%per annum for a <br /> repayment term of 3o years. <br /> SECTION 5-SCHEDULE OF EXISTING DEBT <br /> As of the date of the CWCB loan approval, the BORROWER has an existing loan with <br /> the Colorado Water Conservation Board, Contract No. CT2o17-2258, in the amount of <br /> $151,500.00, with annual payments of $6,353.14 with an interest rate of 1.55% per <br /> annum and a term of 30 years. <br /> SECTION 6-LOAN SECURITY <br /> The SECURITY for this loan, as evidenced by the executed SECURITY AGREEMENT <br /> (APPENDIX 5) and incorporated herein, shall be: (i) an irrevocable (but not exclusive) <br /> pledge to the CWCB of the PLEDGED REVENUES in such amount as is necessary to <br /> make each annual payment due under this LOAN CONTRACT. <br /> SECTION 7-ADDITIONAL CONDITIONS&CONTRACT REQUIREMENTS <br /> None. <br /> SECTION 8-"CONSTRUCTION FUND PROGRAM"PROCEDURES FOR PROJECTS <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 and the plans and specifications must be submitted to the <br /> CWCB staff for verification of compliance with the terms of this CONTRACT when <br /> available prior to bidding. Any modifications, to the plans and specifications that <br /> effect changes to the construction costs must be approved in writing by CWCB. <br /> C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by§ <br /> 37-87-105 C.R.S., the BORROWER shall provide a letter of approval from the State <br /> Engineer's Office prior to construction. <br /> D. The BORROWER shall notify CWCB of the bid opening date, time and location. CWCB <br /> staff 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 /> G. The BORROWER must provide a copy of the following construction contract <br /> documents: executed contractor's proposal, executed construction contract, executed <br /> performance bond, executed payment bond, executed notice of award, proposed <br /> notice to proceed, sample change order, and sample field order, as well as the <br /> advertisement for bid. After the CWCB staff verifies that these documents comply <br /> Appendix i <br /> Page 2 of 4 <br />