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No additional contract requirements. <br /> SECTION 7—CONSTRUCTION FUND PROGRAM PROCEDURES FOR WATER PURCHASE <br /> PROJECTS. <br /> A. The BORROWER must submit a written appraisal or opinion of value from a qualified <br /> water rights appraiser supporting the purchase price prior to disbursal of loan <br /> funds. <br /> B. The BORROWER shall pay all of the expenses related to the PROJECT when such <br /> bills are due. <br /> SECTION 8—ELIGIBLE EXPENSES FOR WATER PURCHASE PROJECTS. <br /> A. Engineering associated with the feasibility report prepared as a requirement for <br /> this loan and associated with evaluating the suitability of the water rights for <br /> purchase by the BORROWER. <br /> B. Interest during completion of the PROJECT pursuant to Paragraph A.4 herein. <br /> C. Legal services for reviewing engineering services contracts and this Contract. <br /> D. Purchase of the water rights. <br /> SECTION 9—DISBURSEMENT SCHEDULE <br /> The BORROWER shall prepare a written request for funds that shall describe the <br /> upcoming closing on water rights purchase including, but not limited to, the name of <br /> the seller, cost, closing date, and appraisal value and support documentation in the <br /> form of copies of the sales agreement and the appraisal pursuant to Section 7(a) <br /> above. After receipt of the written request from the BORROWER, and review and <br /> acceptance of the items therein as eligible expenses as described above, the CWCB <br /> will pay to the BORROWER the amount set forth in the request or such portion that has <br /> been approved by the CWCB. Such payment shall be made within thirty (30) days <br /> from the CWCB's approval of each request. <br /> SECTION 10—TIME FOR PERFORMANCE <br /> PROJECT Beginning: Upon Effective Date of this Contract (the date this contract <br /> is signed by the State Controller or his designee). <br /> PROJECT Finish: Four (4) years from the Effective Date of this Contract. <br /> pkiji <br /> I : 1 <br /> Appendix 1 to Loan Contract C150312 <br /> Page 2 of 2 <br />