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<br />;f <br /> <br />" <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 Centennial Building <br />1 31 3 Sherman Street <br />Denver, Colorado 80203 <br />Phone, 13031 866-3441 <br />FAX, 13031 866-4474 <br /> <br />STATE OF COLORADO <br />~ <br />~ <br /> <br />Roy Romer <br />Governor <br /> <br />MEMORANDUM <br /> <br />lilmes s. lochheild <br />EJ(l!'Cutive Director, DNR <br /> <br />Dilries C. lile, P.E. <br />Director, eweB <br /> <br />TO: <br /> <br />Colorado Water Conservation Board Members <br /> <br />Jan lilian, Contract Admit:trat~~ <br />Construction Fund Secti n -K <br />- LJ <br />March 3, 1998 <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Agenda Item 16(g), March 10, 1998 Board Meeting <br />Water Project Construction Loan Program <br />List of Standard Contract Provisions <br /> <br />INTRODUCTION. Per the Board's request, this memo summarizes the CWCB standard <br />contracting provisions. <br /> <br />BACKGROUND. The general purpose of the loan contract is to state the terms of the loan, <br />the conditions under which the borrower will receive the loan funds, the obligations the <br />borrower must fulfill to receive the loan funds, provide the CWCB with a security interest <br />in the collateral offered by the borrower for the loan, give the CWCB remedies for curing <br />defaults, and to protect the CWCB. <br /> <br />DISCUSSION. Listed below are summaries of the provisions currently used in the standard <br />CWCB loan contract and considered essential for the protection of the CWCB, A copy of <br />the standard ditch and reservoir loan contract is attached for reference to the provisions. <br /> <br />1. Construction fund program procedures. The borrower must follow these <br />procedures during the design and construction of the project This requires the <br />borrower to employ professional engineers, to provide for CWCB staff inspection <br />and/or approval over certain aspects of the project so that the project is professionally <br />constructed, and to include the CWCB staff in various aspects of the project (design, <br />bidding, pre-construction meetings and post-construction inspection, etc.) (Paragraph <br />A 1, page 2) <br /> <br />2, Borrower's authority to contract. This provision requires the borrower to take <br />official action to obtain and to document its authority to enter into a loan contract with <br />CWCB, usually by resolutions or ordinances adopted by the borrower's board of <br /> <br />Page 1 of 3 <br />