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<br />SECTION 6 - ADDmONAL CONTRACT REQUIREMENTS <br /> <br />As conditions of loan approval, the eWeB specified that prior to entering this loan <br />contract: <br />a. The BORROWER shall hold an election to obtain voter approval of this loan. The <br />BORROWER fulfilled this condition on May 7, 2002. <br /> <br />b. The BORROWER shall obtain such other financing necessary to complete the <br />PROJECT acquisitions. The cost of the entire Project was $3,400,000 and the <br />source of the funding included $300,000 from the Borrower, $550,000 revenue <br />loan, and the remainder of $2,550,000 from the CWCS. <br /> <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 /> <br />A. Engineering associated with the feasibility report prepared as a requirement for this <br />loan and associated with evaluating the suitability of the water rights for purchase <br />by the BORROWER. <br /> <br />B. Legal services for reviewing engineering services contracts and this Contract <br />e. Purchase of the water rights. <br /> <br />SECTION 9 - DISBURSEMENT SCHEDULE <br /> <br />The BORROWER shall prepare a periodic progress report which contains a <br />statement of the PROJECT costs expended for that period and shall forward said <br />statement to the ewcs. After receipt of the periodic progress report from the <br />BORROWER, and review and acceptance of the items therein as eligible expenses <br />as described below, the CWCB will pay to the BORROWER the amount set forth in <br />the report or such portion that has been approved by the eWCB.Such payment <br />shall be made within thirty (30) days from the ewcs's approval of each progress <br />report. <br />SECTION 10 - TIME FOR PERFORMANCE <br /> <br />PROJECT Beginning: Upon Effective Date of this Contract <br />PROJECT Finish: Two (2) years from the Effective Date of this Contract <br /> <br />Page 2 of2 <br />