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SECTION 7 -ADDITIONAL CONTRACT REQUIREMENTS <br />The CWCB approval was contingent on an appraisal of the water rights being conducted. <br />The appraisal(s) for the water rights purchased with proceeds from this loan shall be provided <br />prior to disbursement of loan funds and shall be incorporated herein by reference. The value <br />of the water purchased, as documented by the appraisal(s), must be greater than or equal to <br />the amount of the loan to constitute adequate collateral. <br />SECTION 8 -CONSTRUCTION FUND PROGRAM PROCEDURES <br />A. The BORROWER shall employ an engineer, registered in the state of Colorado to prepare <br />plans and specifications for the PROJECT. <br />B. The BORROWER'S and the Engineering Consultant's Agreements and the plans and <br />specifications must be submitted to the CWCB staff for verification of compliance with the <br />terms of this Contract when available prior to bidding. Any modifications to the plans and <br />specifications must be approved in writing by the CWCB staff. <br />C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by § 37-87- <br />-105 C.R.S., the BORROWER shall provide a letter of approval from the State Engineer's <br />Office prior to construction. <br />D. CWCB staff must be present at bidding and must approve the award of the construction <br />contract. <br />E. The BORROWER shall contract for the construction of the work with responsible and capable <br />Construction Firms, which said Construction Firms shall be selected by the BoRROw>=R and <br />found acceptable by the CWCB staff. <br />F. The BORROWER must provide a copy of the executed construction contract documents <br />consisting of the contractor's proposal, construction contract, performance bond, payment <br />bond, notice of award, notice to proceed, sample change order, and sample field order, as <br />well as the advertisement for bid and bid bond at bidding. After the CWCB staff verifies that <br />these documents comply with the terms of this contract, the BORROWER may issue the <br />notice to proceed to the Construction Firms. <br />G. The BORROWER shall conduct apre-construction conference at which time the CWCB staff <br />shall have the opportunity to review and approve the construction schedule. <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 />I. The BORROWER shall construct the PROJECT in accordance with the approved plans and <br />specifications. <br />J. Upon completion of the PROJECT construction, the BORROWER shall provide as-built <br />drawings of the PROJECT to the CWCB staff, or, if required by § 37-87-105, C.R.S., the <br />BORROWER shall provide the as-built drawings to the State Engineer's Office for approval <br />and filing. <br />K. Upon completion of the PROJECT construction, the BORROWER shall arrange a final <br />inspection for the CWCB staff. <br />L. The BORROWER shall pay all of the expenses related to the PROJECT when such bills are <br />due. <br />M. The BORROWER must submit a written appraisal or opinion of value from a qualified water <br />rights appraiser supporting the purchase price prior to disbursal of loan funds. <br />SECTION 9 -ELIGIBLE EXPENSES. The following items are eligible for loan disbursements. <br />Page 2 of 3 <br />