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) shall have any force or effect unless embodied in a written contract. executed and approved pursuant to STATE fiscal rules, with the exception of the Revision Letter as described in the Changes Provision of this contract. 5. Eligible Expenses. PROJECT costs eligible for financing by the STATE shall be limited to the purchase.prjceforea.c.h purcha!ie of the SHARES. "p'-. 6. STATE May Release Contract. In its sole discretion, the STATE may at any time give any consent, deferment, subordination, release, satisfaction, or termination of any or all of the BORROWER'S obligations under this contract, with valuable consideration, upon such terms and conditions as the STATE may determine to be advisable to further the purposes of this contract or to protect the STATE'S financial interest therein, and consistent with both the statutory purposes of this contract and the limitations of the statutory authority under which it is made. 7. Captions. The captions and headings contained in this contract are for convenience and reference only and shall not be construed so as to define or limit the terms or provisions contracted herein. 8. Waiver. The waiver of any breach of a term of this contract shall not be construed as a waiver of any other term, or of any subsequent breach of the same term. 9. Addresses for mailing. All notices, correspondence, or other documents required by this contract shall be delivered or mailed to the following addresses: For the STATE: Colorado Water Conservation Board Alln: Construction Fund Section 1313 Sherman Street, Room 721 Denver, CO 80203. For the BORROWER: Lower Arkansas Water Management Assn P. O. Box 1161 Lamar, CO 81052 D. Special provisions (1993 version) 1. Controller's Approval. This contract shall not be deemed valid until it shall have been approved . by the Controller of the State of Colorado or such assistant as he may designate. This provision is applicable to any contract involving the payment of money by the STATE. 2. Fund Availability. Financial obligations of the State of Colorado payable after the current fiscal . year are contingent upon funds for that purpose being appropriated, budgeted, and otherwise made available. 3. Bond Requirement. If this contract involves the payment of more than fifty thousand dollars for the construction, erection, repair, maintenance, or improvement of any building, road, bridge, viaduct, tunnel, excavation or other public work for this STATE,. the CONTRACTOR shall, before entering upon the performance of any such work included in this contract, duly execute and deliver to the STATE official who will sign the contract, a good and sufficient bond or other acceptable surety to be approved by said official in a penal sum not less than one-half of the total amount payable by the terms of this Contract. Such bond shall be duly executed by a qualified corporate surety conditioned upon the faithful performance of the contract and in addition, shall provide that if the CONTRACTOR or his subcontractors fail to duly pay for any labor, materials, team hire, sustenance, provisions, provendor or other supplies used or consumed by such CONTRACTOR or his subcontractor in performance of the work contracted to be done or fails to pay any person who supplies rental machinery, tools, or equipment in the prosecution of the work the surety will pay the same in an amount not exceeding the sum specified in the bond, together with interest attherate of eight per cent.per annum. Unless such bond is executed, delivered and filed, no claim in favor of the CONTRACTOR arising under such contract shall be audited, Lower Arkansas Water Management Association Page 7 of 10 Loan Contract