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interest loan; and <br /> WHEREAS, by necessity, this work is being d e as this <br /> contract is being written; and s K <br /> WHEREAS, the State now desires, by thiq p e % ontract, to <br /> loan money for the construction of the first p as s q =i <br /> project upon mutually agreeable terms and conditions, 4 • w o <br /> the availability of funding for that purpose; and <br /> WHEREAS, pursuant to the Contractor's Articles of <br /> Incorporation, the Contractor has authority to contract to <br /> borrow money provided that a Resolution be duly passed by the <br /> Board of Directors and to levy assessments assuring repayment of <br /> the State according to the terms of the contract; and <br /> WHEREAS, pursuant to section 1 of chapter 32 , Session Laws <br /> of Colorado 1987, as amended by SB 92-87, the State has been <br /> authorized to loan Four Hundred Thousand Dollars ($400, 000) for <br /> construction of the project. <br /> WHEREAS, the Contractor or Borrower understands that this <br /> Contract is also a promissory note for the repayment of funds <br /> loaned to the Borrower according to the terms set forth herein. <br /> NOW THEREFORE, in consideration of the mutual and <br /> dependent covenants herein contained, it is agreed by the <br /> parties hereto as follows: <br /> A. The Contractor agrees that it has: <br /> 1. Employed an engineering firm (hereinafter referred to as <br /> the Consultant) to prepare plans and specifications for the <br /> first phase of the project and that these documents were <br /> Page 2 of 17 Pages <br />