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, l 1, Preparation Of Feasibility Study. The BORROWER shall have the STUDY prepared on the PROJECT in accordance with a scope of work prepared by the BORROWER'S consulting engineer, Steve Harris, P,E, The STATE has reviewed and approved said scope of work, which is attached hereto as Appendix A and incorporated herein, 2_ Reports. The BORROWER shall provide the STATE with monthly reports on the progress of study activities and two (2) copies of the final report of the STUDY, prepared in compliance with the scope of work, within two (2) years of the date of this contract unless the STATE agrees in writing to an extension of such time, 3. Disbursement Of Loan Funds. The STATE shall loan funds to the BORROWER to pay for the costs associated with preparing the STUDY, up to a maximum amount of $75,000, not to exceed 50% of the study costs, in the following manner: a, Statement Of Costs. During the preparation of the STUDY, the BORROWER shall prepare statements of the costs of the feasibility study and shall forward such statements to the . STATE, Each statement shall indicate the tasks that have been performed and the percentage completion of each task by task number as specified in Appendix A, b, Payment Of Statements. Upon receipt and approval by the STATE of each such statement of costs, the STATE shall, within 30 days from the approval of such statement. pay to the BORROWER up to 50% of the actual study costs or such portion of the statement as has been approved by the STATE, 4. DISTRICT'S and BORROWER'S Authority To Contract. The DISTRICT and the BORROWER warrant that both the Board of Directors of the DISTRICT and the governing body of the BORROWER have complied with the order establishing the DISTRICT UNDER 937-45-112 and all statutory and other legal requirements and duly passed resolutions that constitute legal actions of the DISTRICT and the BORROWER and are irrepealable for the term of this loan contract, authorizing: a, The DISTRICT and the BORROWER to enter into and comply with the terms of this contract and the Promissory Note, and b, The BORROWER to make annual payments in accordance with the Promissory Note, and c, The DISTRICT and/or the BORROWER to obtain five (5) certificates of deposit each in the amount of one annual loan payment ($16,611,10) as security for the loan, and d, The BORROWER to repay this loan to the STATE, Said resolutions are attached hereto as Appendix B and incorporated herein, 5. Attorney's Opinion Letter. Prior to the execution of this contract by the STATE. the DISTRICT and the BORROWER shall submit to the STATE a letter from their attorney stating that it is the attorney's opinion that the persons signing for the DISTRICT and the BORROWER were duly elected or appointed and have authority to sign such documents on behalf of the DISTRICT and the BORROWER and to bind the DISTRICT and the BORROWER; that the Board of Directors of the DISTRICT and the governing body of the BORROWER have validly adopted resolutions approving the execution and delivery of this contract; that there are no provisions in the Colorado Constitution, any state or local ,law, or the DISTRICT'S decree of incorporation that prevent this contract from binding the DISTRICT and the BORROWER; and that this contract will be valid and binding against the DISTRICT and the BORROWER if entered into by the STATE, 6. Promissory Note Provisions. The Promissory Note setting forth the terms of repayment of this loan in the amount of up to $75,000 at an interest rate of 3,5% per annum for a term of 5 years Feasibility Report Loan Contract Page 2 of 8