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<br />the Contrdctor I',IS f)IJrcllclscrl Lhe Ilr(),jl!cl system. The Stdtl: <br />sll<.&1I he thl~ ~ul(: ill~urcd or Lids pol i<:y. rhc~ plJrchd~e jl/'icL' <br />paYdble Lo the SLale shdll he reduced in the <.111101l1ll or dny <br />payments mdde to the State under this insurance cOverd!lC; jf <br />only a portion of the purchdse price is paid lo llle State under <br />lhis poi icy, the numher of insl<lllmenl pdymcld:s ~;h<lll I'cmdin <br />unchanqed, however the amount of edch payment Shdll be <br />reduced. <br /> <br />14. Comply with Construction FUJld Progrdm Prc)ccc!ures <br />attached hereto as Schedule A. <br /> <br />15. Comply with the provisions of Section 5 of S.B. 439, <br />1981 Session of the Colorado General Assembly. <br /> <br />B. Upon default in the payments herein set 'forth to he made <br />by the Contractor, or In the performance of any covenant or <br />agreement contained herein, the State, at Its option, may (a) <br />declare the entire princIpal amount then outstanding <br />immediately due and payable; (b) for the account of the <br />Contractor incur and pay reasonable expenses for repair, <br />maIntendnce, dnd operatIon of tile system herein descrihed and <br />such expenses as may be necessary to cure the cause of default; <br />and/or (c) take possession of the system, repair, maintain, and <br />operate or lease It. The provisions of thls contrdct may he <br />enforced by the State at its opt Ion wi thout reqdrd to prior <br />walvers by It of previolls defaults hy the Contrdctor, through <br />judicial proceedinqs to require specific performdnce of this <br />contract or by such other proceedings in law or equity as may <br />be deemed necessdry hy the StriLe to insure campi lance wi th <br />provisions of this contract and the ldws dnd requldtions under <br />which this contract is ffidde. <br /> <br />C. The State aqrees that it shrill: <br /> <br />1. Make available to the Contractor for the purpose of <br />this contract not to exceed the sum of Four Hundred SIxty-Five <br />Thousand Dollars ($465,000). Said Four Hundred Sixty-Five <br />Thousand Dollars ($465,000) shdlJ he mdde dvailahle to the <br />Contractor In accordance wIth the following terms and <br />conditions: <br /> <br />a. Aeqlnninq with the monthly periolj c:ommencinq <br />August 15, 1981, and for every month thereafter until <br />said project has been completed, the Conlactor shall <br />prepare with the assistdncc of the consultinq <br />engineer referred to in p<.lrdqrdph A.l. C:lhove <.In <br />estimate of the funds required from the 5tdte for <br />project construction during that month and shall <br />forward said estImate to the State not less thdn <br />fifteen (15) ddYs prior to the begInninq of such <br />month. <br /> <br />h. Upon receipt dnd approval by the Stdle of such <br />monthly estimdle, the Sl.lle will, within rorty (40) <br />days from the receipt of such estimate, pay over to <br />the Contrdctor the .lmOIlIlI or lhe monlhly (~51 imdt(-~ or <br />=:ouch portioll thereof <.15 lidS heen .Jppfov!..'d hy I'I\(' <br />Stiil'e. <br /> <br />c. No payments will he m<l(le tinder th i s contrdct <br />unlil the pro,lecl plMls <.Illd specificdlions referred <br />to in pardgraph A.1. above dre dpproved hy the State. <br /> <br />2. Provide the Contractor with such technical assistance <br />dS the Stdle deems appropriate in pi<Hlninrj, COIlSll'llclinq, ..lid <br />operdtlnq the project and In coordindlinq the pl'ojecl willI <br />local official comprehensive plans for sewer dflrl w,ltclr (Inri with <br /> <br />P.llj(' I. 0 r 7 P,\ll"~; <br />