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For Project costs: The BORROWER shall prepare a periodic progress report which <br /> contains a statement of the PROJECT costs expended for that period and shall <br /> forward said statement to the CWCB. After receipt of the periodic progress report <br /> from the BORROWER, and review and acceptance of the items therein as eligible <br /> expenses as described below, the CWCB will pay to the BORROWER the amount set <br /> forth in the report or such portion that has been approved by the CWCB. Such <br /> payment shall be made within thirty (30) days from the CWCB's approval of each <br /> progress report. <br /> • <br /> SECTION 11 —TIME FOR PERFORMANCE . <br /> PROJECT Beginning: Upon Effective Date of this Contract (the'date*this contract is <br /> signed by the State Controller or his designee). <br /> PROJECT Finish: Two (2) years from the Effective Date of this Contract <br /> • <br /> acurk <br /> Mir ii4M <br /> Appendix 1 to Loan Contract C150252 <br /> Page 4 of 4 <br />