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<br />WHEREAS. the State through the Colorado Water Conservation <br />Board has now agreed to loan money for the construction of said <br />project upon mutually agreeable terms and conditions; and <br /> <br />WHEREAS. pursuant to policy established by the Colorado <br />Water Conservation Board and from funds appropriated by the <br />General Assembly. the State will expend the sum of Two Hundred <br />Forty Thousand Dollars ($240.000) for the repair, replacement. <br />and reconstruction of the project; and <br /> <br />WHEREAS. the Contractor has made available from its own .or <br />other sources sufficient funds to repair, replace, or <br />reconstruct the remainder of the project. <br /> <br />NOW THEREFORE. in consideration of the mutual and dependent <br />covenants herein contained. it is hereby agreed by the parties <br />hereto as follows: <br /> <br />A: The Borrower agrees that it shall: <br /> <br />1. Employ an engineering firm to prepare a feasibility <br />study and project plans and specifications for the project in <br />accordance with the proposal received from the conSUlting <br />engineering firm of Hydro-Triad. Ltd.. which proposal is <br />attached hereto as Exhibit B and incorporated by reference <br />herein. Both the engineering firm and the project plans and <br />specifications must be approved by the State before initiation <br />of construction on the project. including any real estate and <br />water rights acquisitions. can commence. <br /> <br />2. Contract for the construction of said project to a <br />responsible and capable firm or firms (hereinafter referred to <br />as Construction Firm or Firms). which Construction Firms shall. <br />when required by the State. be selected through competitive <br />pUblic bidding. said project to be completed within one (1) <br />year of the date of this contract in accordance with the <br />project plans and specifications and any necessary modification <br />thereof approved by the State. The State must approve in <br />writing all contracts before they can become effective. The <br />above-specified time may be extended by the State if such time <br />is insufficient because of acts of God or other acts or <br />circumstances beyond the control of the Borrower. <br /> <br />3. Require all Construction Firms and their subcontractors <br />to indemnify the State and the Borrower against all liability <br />and loss. and against all claims and actions based upon or <br />arising out of damage or injury. including death. to persons or <br />property caused by or sustained in connection with the <br />performance of any contract or by conditions created <br />thereby. or based upon any violation of any statute. ordinance. <br />or regUlation. and the defense of any such claims or actions. <br /> <br />4. Require all Construction Firms and their subcontract- <br />ors to maintain the following: <br /> <br />a. Workmen's compensation and employers' liability <br />insurance. <br /> <br />b. Automobile liability insurance for all vehicles. <br /> <br />c. Comprehensive general liability insurance in at <br />least the following amounts: <br /> <br />(1) For any injury to one person in any single <br />occurrence. the sum of Five Hundred Thousand <br />Dollars ($500.000). <br /> <br />(2) For any injury to two or more persons in any <br />single occurrence. the sum of One Million Dollars <br />($1.000.000). <br /> <br />Page ~ of ~ Pages <br />