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Arkansas River Basin. <br />2. The CWCB rescinds the deferrai of the BORROWER 2004 and 2005 annual <br />payments under Loan Contract C153808. The deferral of annual payments, <br />granted by the CWCB in July 2002, shall apply only to years 2002 and 2003, and <br />the revised payment for the term of the loan shall be $27,964.19 with the next <br />payment due April 1, 2004. This deferral shall be accomplished by amending <br />Loan Contract C153808. <br />SECTION 8— CONSTRUCTION FUND PROGRAM PROCEDURES <br />A. The BORROWER shall employ an engineer, registered in the state of Colorado to <br />prepare plans and specifications for the PRO�ECT. <br />B. The BORROWER and the Engineering Consultant's Agreements and the plans and <br />specifications must be submitted to the CWCB staff for verification of compliance <br />with the terms of this Contract when available prior to bidding. Any modifications to <br />the plans and 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 <br />§ 37-87-105 C.R.S., the BoRROwER shall provide a letter of approval from the State <br />Engineer's Office prior to construction. <br />D. CWCB staff must be present at bid opening and must approve the award of the <br />construction contract. <br />E. The BoRROwER shall contract for the construction of the work with responsible and <br />capable Construction Firms, which said Construction Firms shall be selected by the <br />BoRROwER and found acceptable by the CWCB staff. <br />F. The BORROWER must provide a copy of the executed construction contract <br />documents consisting of the contractor's proposal, construction contract, <br />performance bond, payment bond, notice of award, notice to proceed, sample <br />change order, and sample field order, as well as the advertisement for bid and bid <br />bond at bidding. After the CWCB staff verifies that these documents comply with <br />the terms of this contract, the BoRROwER may issue the notice to proceed to the <br />Construction Firms. <br />G. The BORROWER shall conduct a pre-construction conference at which time the <br />CWCB staff shall have the opportunity to review and approve the construction <br />schedule. <br />H. If the CWCB staff determines that the PRO�ECT requires a resident inspector during <br />construction, the BoRROwER shall employ an inspector who has been approved by <br />the CWCB staff. <br />I. The BoRROwER shall construct the PRO�ECT in accordance with the approved plans <br />and specifications. <br />J. Upon completion of the PRO�ECT construction, the BoRROwER shall provide as-built <br />drawings of the PRO�ECT to the CWCB staff, or, if required by § 37-87-105, C.R.S., <br />the BoRROwER shall provide the as-built drawings to the State Engineer's Office for <br />Page 3 of 5 <br />