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the costs of the PRO~ECT. 9. C.R. Evans, the majority shareholder of the BORROWER and cosigner of this contract (hereinafter EvaNS), has agreed to convey a security interest to the STaTE in certain property owned by him as an individual as part of the security for this loan. 10. The STaTE now desires, by this contract, to loan money to the BoRROwER for this PRO~ECT upon mutually agreeable terms and conditions. NOW THEREFORE, in consideration of the mutual and dependent covenants contained herein, the parties agree as follows: A. The BoRROwER and EvaNS agree as follows: 1. Construction Fund Program Procedures. The following items are procedures the BoRROwER shall follow during the construction phase of the PRO~ECT. a. The BoRROwER shall employ an engineer, registered in the State of Colorado, hereinafter referred to as the CoNSU~TaNT, to prepare plans and specifications for the PRO~ECT. b. The agreement between the BORROWER and the CONSULTANT and the plans and specifications must be submitted to the CWCB staff for verification of compliance with the terms of this contract prior to bid opening. 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. (1997), the BoRROwER shall provide a letter of approval from the State Engineer's Office prior to construction. d. CWCB staff must be present at bid opening and must approve the award of the constru~tion contract. e. The BORROWER Sh811 contract for the construction of the work with responsible and capable firms, hereinafter referred to as CorvsTRUCTiotv FiRnns, WhICh CANSTRUCTION FIRMS shall be selected by the BoRROwER and found acceptable by the CWCB staff before work under this contract begins. f. The BoRROwER must provide a copy of the executed construction contract documents consisting of the advertisement for bid, contractor's proposal, construction contract, bid bond, performance bond, payment bond, notice of award, notice to proceed, sample change order, and sample field order. After the CWCB staff verifies that these documents comply with the terms of this contract, the BoRROwER may issue the notice to proceed to th2 CONSTRUCTION FIRMS. g. The BoRROwER shall conduct a pre-construction conference at which time the CWCB staff shall have the opportunity to review and approve the construction schedule. h. If the CWCB staff determines that the PRO~ECr requires a resident inspector during construction, the BoRROwER shall employ an inspector who has been approved by the Excelsior Irrigating Company Page 2 of 15 Loan Contract