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undue hardship if the PROJECT is not completed prior to the 1998 irrigation season because the <br /> poor condition of the BORROWER'S current diversion has severely limited the amount of water <br /> available to the BORROWER'S members. <br /> 9. At its July 21, 1997 meeting, the CWCB found that delay in completion of the PROJECT would <br /> cause undue hardship for the BORROWER'S members, and approved a loan to the BORROWER in an <br /> amount not to exceed $50,000 at an interest rate of 3.5% per annum for a term of twenty years. <br /> 10. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon <br /> mutually agreeable terms and conditions. <br /> NOW THEREFORE, in consideration of the mutual and dependent covenants contained, the <br /> parties agree as follows: <br /> A. The BORROWER agrees as follows: <br /> 1. Construction Fund Program Procedures. The following items are procedures the BORROWER <br /> shall follow during the construction phase of the PROJECT rehabilitation. <br /> a. The BORROWER shall employ an engineer, registered in the State of Colorado, hereinafter <br /> referred to as the CONSULTANT, to prepare plans and specifications for the PROJECT. <br /> b. The agreement between the BORROWER and the CONSULTANT and the plans and specifications <br /> must be submitted to the CWCB staff for verification of compliance with the terms of this <br /> contract prior to bid opening. Any modifications to the plans and specifications must be <br /> approved in writing by the CWCB staff. <br /> c. For plans and specifications for all jurisdictional dams and reservoirs, as defined by § 37-87- <br /> 105 C.R.S. (1990), 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 bid opening and must approve the award of the construction <br /> contract. <br /> e. The BORROWER shall contract for the construction of the work with responsible and capable <br /> firms, hereinafter referred to as CONSTRUCTION FIRMS, which CONSTRUCTION FIRMS shall be <br /> selected by the BORROWER and found acceptable by the CWCB staff before work under this <br /> contract begins. <br /> f. The BORROWER must provide a copy of the executed construction contract documents <br /> consisting of the advertisement for bid, contractor's proposal, construction contract, bid bond, <br /> performance bond, payment bond, notice of award, notice to proceed, sample change order, <br /> and sample field order. After the CWCB staff verifies that these documents comply with the <br /> terms of this contract, the BORROWER may issue the notice to proceed to the CONSTRUCTION <br /> 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 /> construction, the BORROWER shall employ an inspector who has been approved by the CWCB <br /> staff. <br /> Smith Irrigation Ditch Page 2 of 13 Loan Contract <br />