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� <br />� <br />The CWCB shall disburse loan funds at the rate of 70% of submitted project invoices. See also <br />Section 9— Disbursement Schedule, below. <br />SECTION 7— 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. Th@ BORROWER and the Engineering Consultant's plans and specifications must <br />be submitted to the CWCB staff for verification of compliance with the terms of this <br />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 <br />by § 37-87-105 C.R.S., the BoRROwER shall provide a letter of approval from the <br />State 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,�Fir II be selected by <br />the BoRROwER and found acceptable b„� staff. <br />F. The BORROWER m� co c, of the xecuted truction contract <br />documents co tin of th cont ctor's osal, construction contract, <br />performance bon , yment bo ice of award, notice to proceed, sample <br />change order, and s ple 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 Sh811 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 COf1Stt'UCt the PROJECT in accordance with the approved <br />plans 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 />approval and filing. <br />K. Upon completion of the PRO�ECr construction, the BoRROwER shall arrange a final <br />Appendix 1 to Loan Contract C150241 <br />Page 2 of 3 <br />