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SECTION 4-BOARD APPROVAL <br /> At its May 22, 2014 meeting the CWCB approved loans from the Construction Fund, to the <br /> BORROWER, in an amount up to $9,828,000 for PROJECT costs with a loan service fee of 1% in <br /> accordance with CWCB Policy No. 16 resulting in a loan service fee of$98,280 and a total loan <br /> amount of$9,926,280 at an interest rate of 3.00% per annum for a repayment term of 30 years. <br /> There will be a total of four(4) CWCB contracts. <br /> SECTION 5—SCHEDULE OF EXISTING DEBT <br /> As of the date of this LOAN CONTRACT, the DISTRICT has outstanding the following obligations <br /> payable from the net revenue of the System, which obligations constitute PARITY OBLIGATIONS <br /> under the LOAN RESOLUTION. <br /> The District has $15,997,440 in outstanding debt tied to its Water Activity Enterprise revenues. <br /> EXISTING DEBT <br /> Original Current Annual Maturity <br /> Lender Collateral <br /> Balance Balance Payment Date <br /> CWRPDA 2002 $ 7,045,000 $ 3,515,000 $ 467,949 8/1/2023 Water Revenues <br /> CWRPDA 2005 $ 4,800,000 $ 3,215,000 $ 342,322 8/2/2026 Water Revenues <br /> Wells Fargo 2010 <br /> Refunding Note $ 10,335,213 $ 9,267,440 $ 753,649 12/1/2030 Water Revenues <br /> Totals $ 22,180,213 $ 15,997,440 $ 1,563,920 <br /> SECTION 6—ADDITIONAL CONDITIONS&CONTRACT REQUIREMENTS <br /> NONE. <br /> SECTION 7—CONSTRUCTION FUND PROGRAM PROCEDURE <br /> The BORROWER shall pay all of the expenses related to the PROJECT when such bills are <br /> due. <br /> SECTION 8—ELIGIBLE EXPENSES. The following items are eligible for loan disbursements. <br /> A. All expenses related to the PROJECT including PROJECT-related expenses incurred <br /> prior to the Effective Date of this CONTRACT in accordance with the approval of this <br /> loan. <br /> ULI <br /> B. Interest during completion of the PROJECT pursuant to Paragraph A.4 of the <br /> CONTRACT. <br /> C. Legal services for reviewing this CONTRACT. PAD <br /> �' <br /> SECTION 9—DISBURSEMENT SCHEDULE <br /> For PROJECT costs: The BORROWER shall prepare a written request for funds. After <br /> receipt of the written request from the BORROWER and review and acceptance of <br /> Appendix 1 to Loan Contract C150411A <br /> Page 2 of 3 <br />