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9. The Golden Canal and Reservoir Company ("Golden") is a wholly owned subsidiary of the <br /> BORROWER. Golden owns and operates the Welch Ditch as a carrier ditch and sells water <br /> carried primarily through the Welch Ditch ('Welch Ditch water') on a contractual basis to its <br /> customers, including members of the Welch Ditch Water Users Association, pursuant to <br /> Article 10 of Golden's bylaws, which are incorporated herein by this reference. As part of the <br /> collateral for this loan, the BORROWER has agreed to procure the conveyance of a security <br /> interest to the STATE in the proceeds of the sale of Welch Ditch water from Golden. <br /> 10. The STATE now desires, by this contract, to loan money to t ORROWER for this PROJECT <br /> upon mutually agreeable terms and conditions. <br /> NOW THEREFORE, in consideration of the mutu and depen nts contained <br /> herein, the parties agree as follows: <br /> -mayFUL <br /> A. The BORROWER agrees as follows: <br /> 1. Construction Fund Program Procedures. The following items are pr edures the <br /> BORROWER shall follow during the construction phase of the PROJECT rehabilitation. <br /> a. The BORROWER shall employ an engineer, registered in the State of Colorado, hereinafter <br /> referred to as the CONSULTANT, to prepare plans and specifications for the PROJECT. <br /> b. The agreement between the BORROWER and the CONSULTANT and the plans and <br /> specifications must be submitted to the CWCB staff for verification of compliance with the <br /> terms of this contract prior to bid opening. 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 by § 37- <br /> 87-105 C.R.S. (1997), the BORROWER shall provide a letter of approval from the State <br /> Engineers 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 firms, hereinafter referred to as CONSTRUCTION FIRMS, which CONSTRUCTION <br /> FIRMS shall be selected by the BORROWER and found acceptable by the CWCB staff <br /> before work under this contract begins. <br /> f. The BORROWER must provide a copy of the executed construction contract documents <br /> consisting of the advertisement for bid, contractors proposal, construction contract, bid <br /> bond, performance bond, payment bond, notice of award, notice to proceed, sample <br /> change order, and sample field order. After the CWCB staff verifies that these <br /> documents comply with the terms of this contract, the BORROWER may issue the notice to <br /> proceed to the CONSTRUCTION FIRMS. <br /> g. The BORROWER shall conduct a pre-construction conference at which time the CWCB <br /> staff shall have the opportunity to review and approve the construction schedule. <br /> h. If the CWCB staff determines that the PROJECT requires a resident inspector during <br /> The Agricultural Ditch and Reservoir Company Page 2 of 14 Loan Contract <br />