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and economical manner. The BORROWER agrees to indemnify and hold the STATE harmless <br /> from any liability incurred by the STATE as a result of the STATE'S interest in the PROJECT <br /> facilities and any other property identified in the Schedule of Existing Debt (Section 2) of the <br /> Project Summary. <br /> 13. BORROWER'S Liability Insurance. Upon execution of this contract and continuing until <br /> complete repayment of the loan is made to the STATE, the BORROWER shall maintain <br /> commercial general liability insurance with a company that is satisfactory to the STATE <br /> covering the management, operation, and maintenance of the PROJECT with minimum limits of <br /> $1,000,000 combined single limit for each occurrence and $2,000,000 general aggregate, <br /> including products/completed operations and personal injury. <br /> Said general liability insurance shall name the STATE as additional insured. The BORROWER <br /> shall provide the STATE with a certificate of said insurance and an additional insured <br /> endorsement, and shall provide the STATE with documentation of renewals of said insurance. <br /> The STATE will not disburse any loan funds without evidence of said insurance coverage. <br /> Throughout the life of this contract, the STATE reserves the right to increase the above amount <br /> of insurance so that said amounts at a minimum correspond to the amount established by the <br /> Colorado Governmental Immunity Act, now and as hereafter amended. <br /> B. CONSTRUCTION PROVISIONS <br /> 1. Construction Fund Program Procedures. During the completion of the PROJECT, the <br /> BORROWER shall adhere to the following: <br /> a. The BORROWER shall employ an engineer, registered in the state of Colorado to prepare <br /> plans and specifications for the PROJECT. <br /> b. The BORROWER'S and the Engineering Consultant's Agreements and the plans and <br /> specifications must be submitted to the CWCB staff for verification of compliance with the <br /> terms of this contract when available prior to bidding. 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., the BORROWER shall provide a letter of approval from the State Engineer's <br /> Office prior to construction. <br /> d. CWCB staff must be present at bidding and must approve the award of the construction <br /> contract. <br /> e. The BORROWER shall contract for the construction of the. work with' rl.sponsible and <br /> capable Construction Firms, which said Construction Firms shall :be seected by the <br /> BORROWER and found acceptable by the CWCB staff. <br /> f. The BORROWER must provide a copy of the executed construoticap cori Tact documents <br /> consisting of the contractor's proposal, construction contract, per-farrnatnce bond, payment <br /> bond, notice of award, notice to proceed, sample change order, and samplefield order, as <br /> well as the advertisement for bid and bid bond at bidding. After the CWCB staff verifies <br /> that these documents comply with the terms of this contract, the BORROWER may issue the <br /> notice to proceed to the Construction Firms. <br /> g. The BORROWER shall conduct a pre-construction conference at which time the CWCB staff <br /> 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 /> Page 5 of 11 <br />