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<br />" <br /> <br />1 <br /> <br />according to the terms of the contract; and <br /> <br />WHEREAS, pursuant to Section 1 of Chapter 32, Session Laws of Colorado 1987, as <br />amended by'Section 1 of Chapter 257, Session Law of Colorado 1988, the State has been <br />authorized to loan Eight Million Dollars ($8,000,000) for construction of the Plateau Creek <br />pipeline project in its entirety; and <br /> <br />WHEREAS, the parties recognize and understand that the revenues of the Contractor <br />are subject to pay its Water Revenue Refunding Bonds, Series 1987; and <br /> <br />WHEREAS, the Contractor understands that this Contract is also a promissory note <br />for the repayment of funds loaned to the Borrower according to the terms set forth herein. <br /> <br />NOW THEREFORE, in consideration of the mutual and dependent covenants herein <br />contained, it is agreed by the parties hereto as follows: <br /> <br />A The Contractor agrees that it shall: <br /> <br />1. Employ an engineering fIrm (hereinafter referred to as the Consultant) to prepare <br />project plans and specifications for the project. Both the Consultant and the project plans <br />and specifIcations must be approved in writing by the State before construction on the <br />project can commence. For purposes of this paragraph, "construction" includes any real <br />estate and water rights acquisitions. <br /> <br />2. Contract for the construction of said project to a responsible and capable firm or <br />fIrms (hereinafter referred to as Construction Firm or Firms), which Construction Firms <br />shall be selected by the Contractor through competitive public bidding. The State must <br />approve in writing all contracts before they can become effective. <br /> <br />3. Cause construction of phase one of the project to be completed within two (2) <br />years of the date of this contract, in accordance with the project plans and specifIcations and <br />any necessary modifIcation(s) thereof approved by the State. This time may be extended <br />by the State in writing if such time is insufficient because of acts of God or other acts or <br />circumstances beyond the control of the Contractor. The Contractor must produce <br />documented justification of any such acts or circumstances. <br /> <br />4. Require all Construction Firms and their subcontractors to indemnify the State and <br />the Contractor against all liability and loss, and against all claims and actions based upon <br />or arising out of damage or injury, including death, to persons or property, caused by any <br />acts or omissions of those parties or sustained in connection with the performance of any <br />contract related to the project or by conditions created thereby, or based upon any violation <br />of any statute, ordinance, or regulation, and the defense of any such claims or actions. <br /> <br />Page Z. of 11 pages <br />