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WHEREAS, che Contractor has agreed [o the requirements of <br />sec[ion 11(2) of cnap[ec 259, Session Laws of Colorado 1989. <br />pertaining to [he Baid site development plan; and <br />WHF.REAS, Che SCate is prepaCed to loan Six Million Six <br />Hundred Thousand D011ars ($6,600.000) to the Contractor for [he <br />construction of [he project pursuane to t�e authority of <br />sec[ion 37-60-119, Colorado Revised S[atutes, and sec[ion 1(1) <br />of chapter 405, Se9sion Laws of Colorado 1903. subject to the <br />availability of appropriations fo� that purpose. <br />NOW TEfEREFORE, in conside�ation of Che mutual and dependent <br />covenants herein contained, it is agreed by the parties hereto <br />as follows: <br />The S[a[e agre¢s that it shall: <br />1. Loan Co th¢ Contractot�for [he construc[ion of the <br />project and imple[ion of the required si[e de�elopment plan, <br />including the acquisition of the necessary lands and water <br />rights and inCeresGS therein, an amount no[ to exceed Six <br />Million Six Hundred Thousand pollars ($6,600,000). Said Six <br />Million Six Hundred Thousand Dollars ($6,600,000) shall be made <br />available [o the Cantrac[or in accordance wi[h Che following <br />terms and conditions: <br />a. Beginning with [he monthly period commencing Apcil <br />15, 1987, and for every monthly period Checeafter <br />until Che project has been completed. the Contrac[oe <br />shall prepare, with the assistance of [he engineering <br />firm refecred to in paragraph B.1., an es[ima[e of [he <br />funds required from the Sta[e for pcoJect construction <br />during [hat monthly period and s�all forward said <br />estimate [o the State not less than fif[een (15) days <br />prior to the beginning of such mon[hly period. <br />b. Upon receipt and approval by the State of such <br />monthly es[ima[e, [he Sta[e will, wi�hin forty (90) <br />days from [he receipC of sucA estimaCe. pay over to <br />the Contrac[or the amount of the mon[hly estimate or <br />such portion thereof as has been appioved by the Sta[e. <br />c. No payments will be made under tPis contrac[ until <br />the plans and specifications for [he project referred <br />to in paragcaph B.1. are approved by [he Sta[e. <br />2. Provide Che Contractor with such tech0ical assis[ance <br />as t�e State deems appropriate in planning, constructing, and <br />operating the project and in coordinating the project with <br />local official comprehensive Plans for sewer and water and with <br />any State or area plans for [he area in which the project is <br />loca[ed. <br />The Contcactor aqrees t�at it shall: <br />1. Employ an engineering firm to prepare plans and <br />specifications for the project. Both the engineering ficm and <br />[he project plans and specifica[ions mus[ be aPProVed by t�e <br />State before cons[cuction on the project can be ini[ia[ed. <br />2. Contract Eoc [he construction of the project with a <br />responsible and capable firm or firms (hereinafter referred to <br />as [he Construc[ion Firm or Firms), which ConStruction Ficros <br />shall, when cequired by the State, be selected through <br />competitive public Pidding. The Sta[e must approve, in <br />writing, all con[racts before [hey can become effective. <br />3. Comple[e coPSCruction of Che projec[ Within three (3) <br />years of [he date of this con[ract in accordance with the plans <br />and specifications for the project and any modifications <br />Page 2 of 8 Pages <br />