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Section 6—Loan Security The Security for this loan, as evidenced by the executed Security Agree ent(Appendix 5) and incorporated herein, shall be: (i)an irrevocable (but not exclusive)pled e to the CWCB of the Pledged Revenues in such amount as is necessary t• make each annual ayment due under this Loan Contract, (ii) an assessment covenant; and (iii annual financial re orting and (iv) an undivided one hundred percent(100%) interest in t e Seeley Dam as m re particularly described in the attached Deed of Trust(Appendix 0, incorporated her n, and in accordance with CWCB Policy No. 5. Section 7—Additional Conditions and Requirements None. Section 8—"Construction Fund Program" Procedures fi r Projects A. The Borrower shall employ an engineer, registered i the State of Color.do to prepare plans and specifications for the Project. B. Engineering contracts and the plans and specifications must be submitte• to the CWCB staff for verification of compliance with the terms of this Contract when availabl- prior to bidding. Any modifications,to the plans and specifications that effect changes to the c•1 struction costs must be approved in writing by CWCB. C. For plans and specifications for all jurisdictional dams and reservoirs,as a efined by §37-87-105 C.R.S.,the Borrower shall provide a letter of approval from th• State Engineer's Office prior to construction. D. The Borrower shall notify CWCB of the bid openin date, time and location. CWCB staff may elect to attend the bid opening. E. The Borrower shall contract for the construction of the work with r sponsible and capable Construction Firms, selected by the Borrower and found acceptable by e CWCB staff. CWCB must approve the award of the construction contract. F. The Borrower must provide a copy of the following construction contr. t documents: executed contractor's proposal, executed construction contract, executed performance bond, executed payment bond, executed notice of award, proposed notice to proceed, s. ple change order, and sample field order, as well as the advertisement for bId. After the CWC: staff verifies that these documents comply with the terms of this Contract, the Borrower may iss e the notice to proceed to the Construction Firms. G. The Borrower shall conduct a pre-construction conf rence at which tim- the CWCB staff shall have the opportunity to review and approve the cons ction schedule. H. If the CWCB staff determines that the Project requires a resident inspector during construction,the Borrower shall employ an inspector who has been approved by the CWC„ staff. I. The Borrower shall construct the Project in accordanc with the approved ilans and specifications. J. Upon completion of the Project construction, the Bo ower shall provide .s-built drawings of the Page 2 of 3 Contract Number:2019-2099 Appendix 1