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I. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT <br /> upon 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 <br /> specifications must be submitted to the CWCB staff for verification of compliance with the <br /> terms of this contract prior to bid opening. Any modifications to the plans and specifications <br /> 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. (1990), the BORROWER shall provide a letter of approval from the State <br /> Engineer's Office prior to construction. <br /> d. CWCB staff must be present at bid opening and must approve the award of the <br /> construction 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 th , taff before work under this <br /> contract begins. �7]j <br /> f. The BORROWER must provide a copy of th e uted co . ctio c ntract documents <br /> consisting of the advertisement for bid, contractor's pr-•• c• u contract, bid bond, <br /> performance bond, payment bond, notice of a ' rctc no • t,.., • • ed, sample change order, <br /> and sample field order. After the CWCB st s ti : these documents comply with the <br /> terms of this contract, the BORROWER may i • 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. The parties have agreed that the PROJECT requires a resident inspector during construction, <br /> and the BORROWER shall employ an inspector who has been approved by the CWCB staff. <br /> i. The BORROWER shall construct the PROJECT in accordance with the approved plans and <br /> specifications. <br /> j. Upon completion of the PROJECT construction, the BORROWER shall provide as-built drawings <br /> of the PROJECT to the CWCB staff, and, if required by § 37-87-105, C.R.S. (1990), the <br /> Beaver Park Water, Inc. Page 2 of 12 Loan Contract <br />