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PROJECT increased to $747,000. The BORROWER requested that the amount of the loan be <br /> increased by $190,000 to a total amount of$560,000. <br /> 10. At its November 24-25, 1997 meeting, the CWCB approved the increased loan to the <br /> BORROWER in an amount up to $560,000, not to exceed 75% of the cost of the PROJECT, at an <br /> interest rate of 4.375% per annum for a term of 30 years. The loan amount was increased by <br /> $190,000 pursuant to the 1995 Sess. Laws, Ch. 117, Section 1, Paragraph 2 which allows <br /> loans made by the CWCB to be increased as may be justified by "...reasons of changes in the <br /> plans for a project if those changes are required by final engineering drawings and <br /> specifications." <br /> 11. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon <br /> mutually agreeable terms and conditions. <br /> THEREFORE, in consideration of the mutual and dependent covenants contained herein, <br /> the parties agree as follows: <br /> A. The BORROWER agrees as follows: <br /> 1. Construction Fund Program Procedures. The following items are procedures the <br /> BORROWER shall follow during the construction phase of the PROJECT. <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 § 37-87- <br /> 105 C.R.S. (1997), the BORROWER shall provide a I Arbai vitlyInthe State <br /> Engineer's Office prior to construction. LL.. <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 <br /> bond, performance bond, payment bond, notice of award, notice to proceed, sample change <br /> order, and sample field order. After the CWCB staff verifies that these documents comply <br /> with the terms of this contract, the BORROWER may issue the notice to proceed to the <br /> 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 /> Left Hand Ditch Company Page 2 of 13 Loan Contract <br />