C150262 Contract - Laserfiche WebLink

Home Browse Search

remaining balance and ending in 2024. Borrower also has an outstanding line of credit for this project with Guaranty Bank and Trust Company in an amount not to exceed $250,000, at an interest rate of 4.9% and ending June 11, 2008. SECTION 6 -ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS Borrower shall use the loan funds to extinguish the line of credit with Guaranty Bank and Trust Company referenced in Section 5 above. SECTION 7 -CONSTRUCTION FUND PROGRAM PROCEDURES A. The BORROWER shall employ an engineer, registered in the state of Colorado to prepare plans and specifications for the PROJECT. B. Contemporaneously with the approval of this Agreement, the BORROWER'S and the Engineering Consultant's plans and specifications are being submitted to the CWCB staff for verification of compliance with the terms of this Contract. Any modifications to the plans and specifications must be approved in writing by the CWCB staff. C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by § 37-87-105 C.R.S., the BORROWER shall provide a letter of approval from the State Engineer's Office prior to construction. D. The BORROWER has contracted for the construction of the work with responsible and capable Construction Firms, which said Construction Firms was selected by the BORROWER and is acceptable by the CWCB staff. E. Contemporaneously with the approval of this Agreement, the BORROWER is providing a copy of the executed construction contract documents consisting of the contractor's proposal, construction contract, performance bond, payment bond, notice of award, notice to proceed, sample change order, and sample field order, as well as the advertisement for bid and bid bond at bidding. F. The BORROWER shall construct the PROJECT in accordance with the approved plans and specifications. G. Upon completion of the PROJECT construction, the BORROWER shall provide as-built drawings of the PROJECT to the CWCB staff, or, if required by § 37-87-105, C.R.S., the BORROWER shall provide the as-built drawings to the State Engineer's Office for approval and filing. H. Upon completion of the PROJECT construction, the BORROWER shall arrange a final inspection for the CWCB staff. I. The BORROWER shall pay all of the expenses related to the PROJECT when such bills are due. SECTION 8 - ELIGIBLE EXPENSES. The following items are eligible for loan Appendix 1 to Loan Contract C150262 Page 2 of 3