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State to ensure compliance with provisions of this contract and <br /> the laws and regulations under which this contract is entered <br /> into. <br /> C. The State agrees that it has: �`{' C_ r% <br /> t . , E :� <br /> 1. Agreed to loan to the Contractor for the; nt uL E � of <br /> phase one of the project ect an amount not to exceed J Twc nir <br /> P Ja� <br /> Thousand Dollars ($200, 000) . Said Two Hundred Thousand Dols <br /> ($200, 000) shall be made available to the Contractor in <br /> accordance with the following terms and conditions: <br /> a. Commencing ten (10) days from the date of this <br /> contract, the Contractor shall prepare, with the <br /> assistance of the Consultant referred to in paragraph <br /> A. 1. above, a statement of the funds required for <br /> project construction during that month and shall <br /> forward said statement to the State not less than <br /> fifteen (15) days prior to the beginning of such month. <br /> The Seventy Thousand Dollars ($70, 000) required to pay <br /> off the Contractor's existing high-interest loan may be <br /> included in the first month's statement. <br /> b. Upon receipt and approval by the State of such <br /> monthly estimate, the State will, within forty (40) <br /> days from the approval of such estimate, pay over to <br /> the Contractor the amount of the monthly estimate or <br /> such portion thereof as has been approved by the State. <br /> c. Project construction costs eligible for payment by <br /> the State shall be limited to the cost of: <br /> (1) Preparing final designs and specifications for <br /> the project. <br /> Page 10 of 17 Pages <br />