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described below, the CWCB will pay to the BORROWER the amount set forth in the <br /> report or such portion that has been approved by the CWCB. Such payment shall <br /> be made within thirty (30) days from the CWCB's approval of each progress report. <br /> CWCB will disburse funds at a rate of 75% loan to 25% grant of each invoice <br /> amount for Project related expenses, up to the approved grant and loan limits. <br /> SECTION 11 —TIME FOR PERFORMANCE <br /> PROJECT Beginning: Upon EFFECTIVE DATE of this CONTRACT (the date this <br /> CONTRACT is signed by the State Controller or his designee). <br /> PROJECT Finish: Three (3) years from the EFFECTIVE DATE of this CONTRACT. <br /> [THE REST OF THIS PAGE INTENTIALLY LEFT BLANK] <br /> Appendix 1 to Loan Contract C150365 <br /> Page 4 of 4 <br />