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,. . , -4.~ # H. Pursuant to 1994 Colo. Sess. Laws, Section 1, Chapter 265, as amended in the 1995 Colo. Sess. Laws, the Colorado General Assembly authorized CWCB to loan to the BORROWER an amount not to exceed $750,500 for the PROJECT. ,~ ; i > " ~ "1' ->-). , I. Remy Labrouche and Ruth A. Labrouche.,. stockholders Qt.t'1s8 BoRROWER, have agreed to convey a .security ,interest to the STATE in certa.~(~€l{W Cf~J;lf;(~,-~*ihe'm as individuals as part of the security for this loan. "i,..'.;:::)i:..' ....".. ji '4'. ~.~~.....< ;..~,.......~ r .' t ')'~{h;"_.,. J. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon mutually agreeable terms and conditions. NOW THEREFORE, in consideration ofthe mutual and dependent covenants contained, the parties agree as follows: A. The BORROWER agrees as follows: .1. Construction Fund Program procedures. The following items are procedures the BORROWER shall follow during the construction phase of the PROJECT rehabilitation. a. The BORROWER shall employ an engineer, registered in the State of Colorado, hereinafter referred to as the CONSULTANT, to prepare: plan@ a.ndisgecifications for the PROJECT. 1.<_ ." b. The agreement between the,;BoR,HQWER and the CONSULTANT and the plans and specifications must be submitted tOf)the~CW<;:'B".staff for verification of compliance with the terms of thiS. contr~ct pr~~r to bid op.e. ning.L1~.... )...... ..... ..i.fi...C.... a. t.io...n..s.....to the plans and specifications must be approved In writing by the sa~V .'., c. For plans and specifications for allJ.iSd~ICt" a-~~. n~ reservoirs, as defined by ~ 37- 87-105 C.R.S. (1990), the BORROW~h . '~~iletter of approval from the State Engineer's Office prior to construc,~ d. CWCB staff must be present It bid opening and must approve the award of the construction contract. e. The BORROWER shall contract for the construction of the work with responsible and capable firms, hereinafter referred to as CONSTRUCTION FIRMS, which CONSTRUCTION FIRMS shall be selected by the BORROWER and found acceptable by the CWCB staff before work under this contract begins. f. The BORROWER must provide a copy of the executed construction contract documents consisting of the advertisement for bid, contractor's proposal, construction contract, bid bond, performance bond, payment bond, notice of award, notice to proceed, sample change order, and sample field order. 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 shall 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 PROJECT requires a resident inspector during construction, the BORROWER shall employ an inspector who has been approved by the CWCB staff . Vouga Reservoir Association Page 2 of 1 2 Loan Contract