C150243 Contract - Laserfiche WebLink

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j � 't � - accordance with the legislative approval of this loan. k. Administrative costs or consulting fees in connection with the apptication for the Loan and the negotiation of this Contract. 3. Loan Disbursements. For Project costs: The BoRROwER shall prepare a written request for funds which contains a statement Of th2 PROJECT COStS and all other applicable supporting documentation (e.g., invoices) expended for that period and shall forward said statement to the CWCB. After receipt of the written request for funds from the BORROWER, and review and acceptance of the items therein as eligible expenses as described below, the CWCB will pay to the BoRROwER the amount set forth in the report or such portion that has been approved by the CWCB. Such payment shall be made within thirty (30) days from the CWCB's approval of each written request for funds, and not to exceed 60 days from receipt of the request. 4. Disbursement Schedule. CWCB shall disburse loan funds at a rate of 50% of the total eligible expenses submitted to the CWCB until the total amount disbursed by the CWCB equals the maximum project amount of $75,000,000. 5. Disbursement Period. The BoRROwER recognizes that time is of the essence in the performance of all of its obligations under this Contract. Therefore, the BORROWER shall complete the PRO�ECT (as defined in Factual Recital 3 herein) or take the full amount of funds available for disbursement within the following disbursement period: from the Effective Date of this Contract (the date this Contract is signed by the State Controller or his designee) to the PRO�ECT Disbursement Finish of December 31, 2011. If the BoRROwER fails to complete the Project within the Disbursement Period, the CWCB shall deem the Project substantially complete and amend the Contract and its appendices to reflect the amount of funds actually disbursed at the Project Disbursement Finish. 6. Liability Insurance During Construction. a. During construction of the Project, the Borrower shall maintain its Owner Controlled Insurance Program (OCIP), whereby the Borrower shall purchase and maintain the following insurance coverage for the activities of the Construction Firm(s) and their Subcontractors on the Project site: i. Commercial General Liability Insurance with minimum limits of $1,000,000 combined single limit for each occurrence and $2,000,000 general aggregate. This insurance shall include the following coverages: Bianket Contractual Liability, Broad Form Property Damage, Completed Operations and Personal Injury. ii. Workers' Compensation and Employers Liability Insurance in the amounts required by the State of Colorado pursuant to the provisions of the Workers' Compensation Act, Title 8, Articles 40 through 47, C.R.S., as amended. b. During construction of the Project, the Borrower shall maintain Builder's Risk Insurance for construction progress for all perils of loss including fire, wind, hail, Loan Contract C150243 Page 9 of 15