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<br />amendment as though they were expressly rewritten, <br />incorporated, and included herein. <br /> <br />2. The only modifications, alterations, or changes in the <br />original Contract shall be that Exhibit A and paragraphs <br />B.II. D.l., J. and N. shall be deleted and in their place <br />Attachment B and the following paragraphs shall be <br />inserted: <br /> <br />B. The Contractor agrees that it shall: <br /> <br />II. Repay to the State the total principal sum of One <br />Million Two Hundred Thirty-Eight Thousand Dollars <br />($1.238,000), which includes the project loan amount and <br />the sixty-Thousand-Dollar ($60.000) feasibility report <br />amount. together with interest at the rate of five <br />percent (5%) per annum, said repayment to be made in <br />constant annual installments of Seventy-Two Thousand One <br />Hundred Fifty Dollars and Sixty-Four Cents ($72,150.64) <br />each. for forty (40) years. as shown in Attachment B, <br />attached hereto and~'nco orated by reference herein, <br />which first inst~l e 11 be due and payable on <br />December I. 1989 Y thereafter until the entire <br />principal sum sh 1 ave beerwaid. However. in the <br />event the contracto~~1(ot d aw funds commencing on <br />the date spec~' i ra~ D.l.a. below. the <br />obligation to . a be postponed for the same <br />number of mont as the Contractor delays in drawing <br />funds. Said installment payments shall be made payable <br />to the Colorado Water Conservation Board. payable at the <br />offices of said Board in Denver. Colorado. <br /> <br />D, The State agrees that it shall: <br /> <br />1. Loan to the Contractor for the construction of the <br />project an amount not to exceed One Million One Hundred <br />Seventy-Two Thousand Dollars ($l,172,OOO). ~aid One <br />Million One Hundred Seventy-Two Thousand Dol.lars <br />($l,172.000) shall be made available to the Contractor in <br />accordance with the following terms and conditions: <br /> <br />a. Beginning with the monthly period commencing June 22, <br />1988. and for every month thereafter until said project <br />has been completed. the Contractor shall prepare, with <br />the assistance of the Consultant referred to in paragraph <br />B.l. above, an estimate of the funds required for project <br />construction during that month and shall forward said <br />estimate to the State not less than fifteen (15) days <br />prior to the beginning of such month. <br /> <br />b. Upon receipt and approval by the State of such <br />monthly estimate, the State will, within forty (40) days <br />from the receipt of such estimate, pay over to the <br />Contractor the amount of the monthly estimate or such <br />portion thereof as has been approved by the State. <br /> <br />c. No payments will be made under this contract unless <br />and until the project plans and specifications referred <br />to in paragraph B.l. above are approved by the State in <br />writing. <br /> <br />d. Project construction costs eligible for payment by <br />the State shall be limited to the cost of: <br /> <br />(1) Preparing final designs and specifications for the <br />project. <br /> <br />(2) Preparing bid and construction contract documents. <br /> <br />Page ~ of i Pages <br />