PROJ00085 - Laserfiche WebLink

Home Browse Search

,....~'\ , , 8. Based upon a feasibility report which was prepared by Jehn Water Consultants, Inc., and submitted to the STATE, which is incorporated herein by reference, the STATE determined the PROJECT to be technically and financially feasible; and 9. At its November 4, 1994, meeting, the CWCB approved a loan to the BORROWER in an amount not to exceed Three hundred and One Thousand Five Hundred Dollars ($301,500), hereinafter referred to as MAXIMUM LOAN AMOUNT, and not to exceed seventy five percent 175%) of the total eligible project construction costs, at an interest rate of five percent 15.0%) per annum, and for a duration of fifteen (15) years; and 10. Pursuant to 1995 Colo. Sess. Laws, Chapter 117, Section 1 , the Colorado General Assembly authorized CWCB to loan to the BORROWER an amount not to exceed Three Hundred and One Thousand Five Hundred Dollars ($301,500) for a term of fifteen (15) \tears for the PROJECT; and 11. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon mutually agreeable terms and conditions. NOW THEREFORE, in consideration of the mutual and dependent covenants contained, it is agreed by the parties as follows: A. The BORROWER agrees as follows: 1. Constt\lction Fund Program procedures. The following items are procedures the BORROWER will follow during the construction phase of the PROJECT. a. Preperation of plans and specification~. The plans and specifications must be approved by the STATE. b. Bidding. CWCB staff must approve tne bidding process for the PROJECT. The BORROWER may prepare the notice of award and the notice to proceed with construction to the contractor; however, both notices must be approved by the CWCB staff before they are issued. The BORROWER shall conduct a pre-construction conference and the CWCB staff will have the opportunity to review and approve the construction schedule. c. Performance of work. The BORROWE~ shall contract for the construction of the work with responsible and capable firms, hereinafter referred to as CONSTRUCTION FIRMS, which CONSTRUCTION FIRMS shall be selected by the BORROWER and found acceptable by the STATE before work under this contract begins. d. As-Built drawings. Upon completiOn of the PROJECT, the BORROWER shall provide as-built drawings of the PROJECT to the CWCB staff for approval and filing. 2. The requirements of Paragraph D.3 of this contract shall be fulfilled by the BORROWER'S CONSTRUCTION FIRMS and any other contractors hired by the BORROWER for the construction of the PROJECT. 3. Time for PROJECT completion. The BORROWER recognizes that time is of the essence in the performance of all its obligations under this contract. Therefore,the BORROWER shall commence with construction of the PROJECT as soon as practicable to effect completion within two (2) years of the date of this contract. The PROJECT shall be constructed in accordance with the PROJECT plans and specifications and any modification(s) thereof approved by the STATE. The time for completion may be extended subject to approval by the STATE and the BORROWER. The BORROWER must provide, in writing, documented justification for a request for eX\ension sixty (601 days prior to the end of the period for completion. 4. Indemnification of the STATE. The BORROWER shall require all CONSTRUCTION FIRMS and their subcontractors to indemnify the STATE and the BORROWER against all liability and loss, and against all claims and actions based upon or arising out of damage or injury, including death, to persons or property, caused by any acts or omissions of those parties or sustained in cOhnection with the performance of any contract related to the PROJECT or by conditions created thereby, or based upon any violation of any statute, ordinance, or CASTLE PINES NORTH METRO DISTRICT Page20f11 LOAN CONTRACT