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<br />18. Progress Reports. The CITY or the BORROWER shall, with the assistance of the <br />CONSULTANT, prepare a periodic progress report which contains a statement of the <br />PROJECT costs expended for that period and shall forward said statement to the STATE. <br /> <br />B. The STATE agrees as follows: <br /> <br />1. Agreement to loan money. The STATE agrees to loan to the BORROWER an amount not <br />to exceed that specified in the Promissory Note Provisions of this contract. <br /> <br />2. Disbursements. After receipt of the periodic progress reports from the CITY or the <br />BORROWER, and review and acceptance of the items therein as eligible expenses as <br />described below, the STATE will pay to the BORROWER the amount set forth in the report <br />or such portion that has been approved by the STATE. Such payment shall be made <br />within thirty (30) days from the STATE'S approval of each progress report. <br /> <br />3. Release After Loan Is Repaid. Upon complete repayment to the STATE of the entire <br />principal, all accrued interest, and late charges, if any, as specified in the promissory <br />note, the STATE agrees to execute a release of all of the STATE'S right, title, and interest <br />in and to the revenues and accounts described herein. <br /> <br />City of Loveland and City of Loveland, <br />Colorado, Water Enterprise <br /> <br />Page 10 of 15 <br />