C150243 PIF Documents

• Contract/PO #: C150243
• Contractor Name: Aurora, City of
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

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accordance with the legislative approval of this loan.
k. Administrative costs or consulting fees in connection with the application for the
Loan and the negotiation of this Contract.
3. Loan Disbursements. For Project costs: The BORROWE- 'all prepare a written
request for funds which contains a statement of the PR. ' , liddlIVI other
applicable supporting documentation (e.g., invoices) x ender f- I' d shall
forward said statement to the CWCB. After receipt of ' en reqnds from
the BORROWER, and review and acceptance of the ' er . -I'•ible expenses
as described below, the CWCB will pay to the BORROWE th-; , • nt s • - • in the
report or such portion that has been approved by the CWCB. u • , e shall be
made within thirty (30) days from the CWCB's approval of each written , st for
funds, and not to exceed 60 days from receipt of the request.
4. Disbursement Schedule. CWCB shall disburse loan funds at a rate of 50% of the
total eligible expenses submitted to the CWCB until the total amount disbursed by the
CWCB equals the maximum project amount of$75,000,000.
5. Disbursement Period. The BORROWER recognizes that time is of the essence in the
performance of all of its obligations under this Contract. Therefore, the BORROWER
shall complete the PROJECT (as defined in Factual Recital 3 herein) or take the full
amount of funds available for disbursement within the following disbursement period:
from the Effective Date of this Contract (the date this Contract is signed by the State
Controller or his designee) to the PROJECT Disbursement Finish of December 31,
2011. If the BORROWER fails to complete the Project within the Disbursement Period,
the CWCB shall deem the Project substantially complete and amend the Contract and
its appendices to reflect the amount of funds actually disbursed at the Project
Disbursement Finish.
6. Liability Insurance During Construction.
a. During construction of the Project, the Borrower shall maintain its Owner
Controlled Insurance Program (OCIP), whereby the Borrower shall purchase and
maintain the following insurance coverage for the activities of the Construction
Firm(s) and their Subcontractors on the Project site:
i. Commercial General Liability Insurance with minimum limits of $1,000,000
combined single limit for each occurrence and $2,000,000 general
aggregate. This insurance shall include the following coverages: Blanket
Contractual Liability, Broad Form Property Damage, Completed Operations
and Personal Injury.
ii. Workers' Compensation and Employers Liability Insurance in the amounts
required by the State of Colorado pursuant to the provisions of the
Workers' Compensation Act, Title 8, Articles 40 through 47, C.R.S., as
amended.
b. During construction of the Project, the Borrower shall maintain Builder's Risk
Insurance for construction progress for all perils of loss including fire, wind, hail,
Loan Contract C150243
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