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<br />.. <br /> <br />CWCB to loan to the BORROWER an amount up to $317,500, hereinafter referred to as <br />AUTHORIZED LOAN AMOUNT, for the PROJECT from the Colorado water conservation board <br />construction fund pursuant to ~ 37-60-122(1 )(b), C.R.S. <br /> <br />9, The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT <br />upon mutually agreeable terms and conditions. <br /> <br />THEREFORE, in consideration of the mutual and dependent covenants contained <br />herein, the parties agree as follows: <br /> <br />A. The BORROWER agrees as follows: <br /> <br />1. Construction Fund Program Procedures. The following items are procedures the <br />BORROWER shall follow during the construction phase of the PROJECT. <br /> <br />a. The BORROWER shall employ an engineer, registered in the State of Colorado, <br />hereinafter referred to as the CONSULTANT, to prepare plans and specifications for the <br />PROJECT. <br /> <br />b. The agreement between the BORROWER and the CONSULTANT and the plans and <br />specifications must be submitted to the CWCB staff. for verification of compliance with <br />the terms of this contract prior to. bid opening. Any modifications to the plans and <br />specifications must be approved in writing by the CWCB staff. <br /> <br />c. For plans and specifications for all jurisdictional dams and reservoirs, as defined by ~ 37- <br />87-105 C.R.S. (1998), the BORROWER shall provide a letter of approval from the State <br />Engineer's Office prior to construction. <br /> <br />d. CWCB staff must be present at bid opening and must approve the award of the <br />construction contract. <br /> <br />e. The BORROWER shall contract for the construction of the work with responsible and <br />capable firms, hereinafter referred to as CONSTRUCTION FIRMS, which CONSTRUCTION <br />FIRMS shall be selected by the BORROWER and found acceptable by the CWCB staff <br />before work under this contract begins. <br /> <br />f. The BORROWER must provide a copy of the executed construction contract documents <br />consisting of the advertisement for bid, contractor's proposal, construction contract, bid <br />bond, performance bond, payment bond, notice of award, notice to proceed, sample <br />change order, and sample field order. After the CWCB staff verifies that these <br />documents comply with the terms of this contract, the BORROWER may issue the notice to <br />proceed to the CONSTRUCTION FIRMS. <br /> <br />g. The BORROWER shall conduct a pre-construction conference at which time the CWCB <br />staff shall have the opportunity to review and approve the construction schedule. <br /> <br />h. If the CWCB staff determines that the PROJECT requires a resident inspector during <br />construction, the BORROWER shall employ an inspector who has been approved by the <br />CWCB staff. <br /> <br />Ryan Gulch Reservoir Company <br /> <br />Page 2 of 13 <br /> <br />Loan Contract <br /> <br />