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consecutive months out of the 18 months immediately preceding the date of issuance of such parity debt,the BORROWER'S revenues are sufficient to pay its annual operating and maintenance expenses, annual debt service on all outstanding indebtedness having a lien on the PLEDGED REVENUES,including this loan,the annual debt service on the proposed indebtedness to be issued, and all required deposits to any reserve funds required by this CONTRACT or by the lender(s) of any indebtedness having a lien on the pledged revenues. The analysis of revenues shall be based on the BORROWER'S current rate structure or the rate structure most recently adopted. No more than 10%of total revenues may originate from tap and/or connection fees. Section 6—Loan Security The Security for this loan, as evidenced by the executed Security Agreement(Appendix 5) and incorporated herein, shall be: (i) an irrevocable (but not exclusive)pledge to the CWCB of the Pledged Revenues in such amount as is necessary to make each annual payment due under this Contract,on a parity with all Parity Indebtedness; (ii) an assessment covenant; and(iii) annual financial reporting. All Loan Security shall be in accordance with CWCB Policy No. 5. Section 7—Additional Conditions and Requirements None. Section 8—"Construction Fund Program"Procedures for Projects A. The Borrower shall employ an engineer, registered in the State of Colorado to prepare plans and specifications for the Project,through the use of the Allotment Contract between the Borrower and NCWCD. B. Engineering contracts and the plans and specifications must be submitted to the CWCB staff for verification of compliance with the terms of this Contract when available prior to bidding. Any modifications,to the plans and specificationsthat effect changes to the construction costs must be approved in writing by CWCB. C. For plans and specifications for all jurisdictional dams and reservoirs,as defined by §37-87-105 C.R.S.,the Borrower shall provide a letter of approval from the State Engineer's Office prior to construction. D. The Borrower shall notify CWCB of the bid opening date, time and location. CWCB staff may elect to attend the bid opening. E. The Borrower,through the use of the Allotment Contract, shall contract for the construction of the work with responsible and capable Construction Firms, selected by the Borrower and found acceptable by the CWCB staff. CWCB must approve the award of the construction contract. F. The Borrower must provide a copy of the following construction contract documents: executed contractor's proposal, executed construction contract, executed performance bond, executed payment bond, executed notice of award, proposed notice to proceed, sample change order, and sample field order, as well as the advertisement for bid. After the CWCB staff verifies that these documents comply with the terms of this Contract, the Borrower may issue the notice to proceed to the Construction Firms. G. The Borrower, through the use of the Allotment Contract, shall conduct a pre-construction conference at which time the CWCB staff shall have the opportunity to review and approve the construction schedule. Contract Number:CT2018-2028 Page 2 of 4