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I .. -. , -" --, -~.. ._-----'-."---,...--~~--_..._~~-~---,._..._~,..._..~ ) ) ) f.) .~ ..'. feet above its pump, the failure of well A-3 and the potential for failure of well A-2 have threatened the successful operation of providing the water supply for the BORROWER; and B. Rehabilitation of well A-3 must be completed prior to the spring of 1995 to avoid the possibility of a serious water shortage within the District during the summer of 1995; and ,~ 9. The BORROWER is a duly constituted Colorado special districtfcirmed in 1984pursuant to ~ 32-1-101 et, seq. 13 CRS, located in Douglas County, State of Colorado; and 10. The BORROWER has applied to the STATE for a loan to be used to rehabilitate well A-3 by installing. a new pump. motor. column pipe. power cables. and related appurtenances at a lower depth of approximately 1,750feet, hereinafter referred to as the PROJECT; and 11. At its November 4, 1994 meeting, the CWCB determined. pursuant to ~ 37-60-122.6, that the failure of well A-3 does qualify the'BoRRoWER for a loan from the Emergency Account, and approved an emergency loan to the BORROWER in an limountncit to exceed one hundred thousand five hundred dollars ($100.500J, hereinafter referred to as MAXIMUM LOAN AMOUNT, and'not to exceed seventy five percent (75%) of the total eligible project construction costs, at an interest rate of five percent (5.0%J per annum, and for a duration of one (1 J year, subject to the execution of a formal contract; and . 12. 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 ss follows: A. The BORROWER agrees as follows: 1. Construction. Fund Program procedures. The following items are procedures the BORROWER will follow during the construction phase of the PROJECT, a. Preparation of plans and specifications. The plans and specifications must be approved by the STATE. b. Bidding. CWCB staff must approve bidding 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.,jre issued. The BORROWER shall conduct a pre-construction conference and the CWCB staff. will have the opportunity to teview and approve the construction schedule. . c. Performance of work. The BORROWER 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 will provide as-built drawings of the PROJECT to the CWCB staff for approval and filing.. . 2, Time for PROJECT completion. The BORROWER shall commence with construction of the PROJECT as soon as practicable to effect completion within six (6) .months 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 BORROWER further recognizes that time is of the essence in the performance of all of its obligations under this contract. 3, 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 CASTLE PINES NORTH METRO DISTRICT Page20f11 LOAN CONTRACT