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<br />.,. <br /> <br />l.... <br /> <br />WHEREAS, the Contractor has agreed to the requirements of <br />section 11(2) of chapter 259, Session Laws of Colorado 1984, <br />pertaining to the said site development plan; and <br /> <br />WHEREAS, the State is prepared to loan Six Million Six <br />Hundred Thousand Dollars ($6,600.000) to the Contractor for the <br />construction of the project pursuant to the authority of <br />section 37-60-119, Colorado Revised Statutes, and section 1(1) <br />of chapter 405, Session Laws of Colorado 1983, subject to the <br />availability of appropriations for that purpose. <br /> <br />NOW THEREFORE, in consideration of the mutual and dependent <br />covenants herein contained, it is agreed by the parties hereto <br />as follows: <br /> <br />A. The State agrees that it shall: <br /> <br />1. Loan to the Contractor for the construction of the <br />project and impletion of the required site development plan, <br />including the acquisition of the necessar ands and water <br />rights and interests therein, an amount 0 exceed Six <br />Million Six Hundred Thousand DOllar):.. ( ~oo. Said Six <br />Million six Hundred Thousand DOllar...( ,.600.... hall be made <br />available to the Contractor in acc.o .. a. n~ 1 following <br />terms and conditions: , . <br /><,,~?;,,~ ..'.. <br />a. Beginning with the mO'f~it period commencing April <br />IS, 1987, and for every monthly period thereafter <br />until the project has been completed, the Contractor <br />shall prepare, with the assistance of the engineering <br />firm referred to in paragraph B.l., an estimate of the <br />funds required from the State for project construction <br />during that monthly period and shall forward said <br />estimate to the State not less than fifteen (15) days <br />prior to the beginning of such monthly period. <br /> <br />b. Upon receipt and approval by the State of such <br />monthly estimate, the State will, within forty (40) <br />days from the receipt of such estimate, pay over to <br />the Contra~tor the amount of the monthly estimate or <br />such portion thereof as has been approved by the State. <br /> <br />c. No payments will be made under this contract until <br />the plans and specifications for the project referred <br />to in paragraph B.l. are approved by the State. <br /> <br />2. Provide the Contractor with such technical assistance <br />as the State deems appropriate in planning. constructing, and <br />operating the project and in coordinating the project with <br />local official comprehensive plans for sewer and water and with <br />any State or area plans for the area in which the project is <br />located. <br /> <br />B. The Contractor agrees that it shall: <br /> <br />1. Employ an engineering firm to prepare plans and <br />specifications for the project. Both the engineering firm and <br />the project plans and specifications must be approved by the <br />State before construction on the project can be initiated. <br /> <br />2. Contract for the construction of the project with a <br />responsible and capable firm or firms (hereinafter referred to <br />as the Construction Firm or Firms), which construction Firms <br />shall, when required by the State, be selected through <br />competitive pUblic bidding. The State must approve, in <br />writing, all contracts before they can become effective. <br /> <br />3. Complete construction of the project within three (3) <br />years of the date of this contract in accordance with the plans <br />and specifications for the project and any modifications <br /> <br />Page l of ~ Pages <br />