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Borrower's option. <br /> B. Section 37-60-122(1)(b) C.R.S., authorizes the CWCB to make loans of up to <br /> $1,000,000 from the CWCB's Construction Fund and the State Severance Tax <br /> Trust Fund Perpetual Base Account Fund without prior approval from the General <br /> Assembly <br /> SECTION 5 — SCHEDULE OF EXISTING DEBT <br /> No existing debt <br /> SECTION 6 — COLLATERAL <br /> The collateral provided for this loan, as evidenced by the executed Deed of Trust, <br /> attached as Appendix 5 and incorporated herein, shall be an undivided one <br /> hundred percent (100%) interest in the Kern Reservoir, as more particularly <br /> described in the attached Deed of Trust ("Collateral"). The deed of trust shall <br /> identify the LOAN AMOUNT. If the amount of loan funds disbursed by the CWCB to <br /> the BORROWER differs from the LOAN AMOUNT, the Deed of Trust shall be amended. <br /> SECTION 7 — ADDITIONAL CONTRACT REQUIREMENTS <br /> No additional contract requirements imposed by the CWCB. <br /> SECTION 8 — 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 Agreements and the plans and <br /> specifications must be submitted to the CWCB staff for verification of compliance <br /> with the terms of this Contract when available prior to bidding. Any modifications to <br /> the plans and specifications must be approved in writing by the CWCB staff. <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 ap roval from the State <br /> Engineer's Office prior to construction. <br /> D. CWCB staff must be present at bidding and must approv 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 the <br /> 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 /> the terms of this contract, the BORROWER may issue the notice to proceed to the <br /> Construction Firms. <br /> G. The BORROWER shall conduct a pre-construction conference at which time the <br /> CWCB staff shall have the opportunity to review and approve the construction <br /> schedule. <br /> Page 2 of 3 <br />