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<br />Borrower's option. <br /> <br />B. Section 37-60-122(1 )(b) C.R.S., authorizes the eWCB to make loans of up to <br />$1,000,000 from the CWCB's Construction Fund and the State Severance Tax <br />Trust Fund Perpetual Base Account Fund without prior approval from the General <br />Assembly . <br />SECTION 5 - SCHEDULE OF EXISTING DEBT <br />No existing debt <br />SECTION 6 - COLLATERAL <br />The collateral provided for this loan, as evidenced by the executed Deed of Trust, <br />attached as Appendix 5 and incorporated herein, shall be an undivided one <br />hundred percent (100%) interest in the Kern Reservoir, as more particularly <br />described in the attached Deed of Trust ("Collateral"). The deed of trust shall <br />identify the LOAN AMOUNT. If the amount of loan funds disbursed by the CWCB to <br />the BORROWER differs from the LOAN AMOUNT, the Deed of Trust shall be amended. <br />SECTION 7 - ADDITIONAL CONTRACT REQUIREMENTS <br />No additional contract requirements imposed by the CWCB. <br />SECTION 8 - CONSTRUCTION FUND PROGRAM PROCEDURES <br />A. The BORROWER shall employ an engineer, registered in the state of Colorado to <br />prepare plans and specifications for the PROJECT. <br />B. The BORROWER'S and the Engineering Consultant's Agreements and the plans and <br />specifications must be submitted to thl:: cwes staff for verification otcompliance <br />with the terms of this Contract when available prior to bidding. Any modifications to <br />the plans and specifications must be approved in writing by the CWCB staff. <br />C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by <br />937-87-105 C.R.S., the BORROWER shall provide a letter of approval from the State <br />Engineer's Office prior to construction. <br />D. CWCB. staff must be present at bidding and must approve the award of the <br />construction contract. <br />E. The BORROWER shall contract for the construction of the work with responsible and <br />capable Construction Firms, which said Construction Firms shall be selected by the <br />BORROWER and found acceptable by the CWCB staff. <br />F. The BORROWER must provide' a copy of' the executed construction' contract <br />documents . consisting of the contractor's proposal, construction contract, <br />performance bond, payment bond, notice of award, notice to proceed, sample <br />change order, and s,ample field order, as well as the advertisement for bid and bid <br />bond at bidding. After the CWCB staff verifies that these documents comply with <br />the terms of this contract, the BORROWER may issue the notice to proceed to the. <br />Construction Firms. . <br />G. The BORROWER shall conduct a pre-construction conference at which time the. <br />CWCB staff shall have the opportunity to review and approve the construction <br />schedule. <br /> <br />Page 2 of 3 <br />