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SECTION 4 - BOARD APPROVAL At its March 2003, meeting, the CWCB approved a loan to the BoRROweR in an amount of $486,000 for up to 90% of the Project costs, plus a 1% loan service charge in the amount of $4,860 a total loan amount of $490,860, with terms of 2.75% per annum for a repayment term of 30 years. SECTION 5— SCHEDULE OF EXISTING DEBT The only outstanding debt of the BORROWER IS 2$100 loan from the CWCB, Contract C150030, 2003. SECTION 6— ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS There are no additional conditions for this loan. SECTION7 — CONSTRUCTION FUND PROGRAM PROCEDURES A. The BoRROweR shall employ an engineer, registered in the state of Colorado to prepare plans and specifications for the PRO�ecT. B. TF12 BORROWER and the Engineering Consultant's Agreements 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 specifications must be approved in writing by the CWCB staff. 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. CWCB staff must be present at bidding and must approve the award of the construction contract. E. The BoRROwert shall contract for the construction of the work with responsible and capable Construction Firms, which said Construction Firms shall be selected by the BoRROweR and found acceptable by the CWCB staff. F. The BORROWER must provide a copy of the executed construction contract documents consisting of the contractor's proposal, construction contract, performance bond, payment bond, notice of award, notice to proceed, sample change order, and sample field order, as well as the advertisement for bid and bid bond at bidding. 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 Sh811 conduct a pre-construction conference at which time the CWCB staff shall have the opportunity to review and approve the construction schedule. H. If the CWCB staff determines that the PRO�ECr requires a resident inspector construction, the BoRROweR shall employ an inspector who has been approved by the CWCB staff. I. The BORROWER Sh811 construct the PRO�ecr in accordance with the approved plans and specifications. Page 2 of 3