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10. Pursuant to House Bill 95-1155 (1995 Sessionl, the Colorado General Assembly authorized CWCB to loan to the BORROWER an amount not to exceed Four Hundred Thousand Dollars ($400,000) for a term of thirty (30) years for the construction of the PROJECT; and 11. Pursuant to ~31-15-302 et seq., CRS, the BORROWER has authority to contract to borrow money and to levy assessments to assure repayment according to the terms of the contract, provided that an ordinance has been duly adopted by the TOWN'S Board of Trustees; and 12. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon mutually agreeable terms and conditions, subject to the availability of funding for that purpose. 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. 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 BORROWER shall employ an engineering firm, hereinafter referred to as the CONSULTANT, registered in the State of Colorado, to prepare PROJECT plans and specifications. The CONSULTANT, the BORROWER/CONSULTANT agreement, and the PROJECT plans and specifications must be approved in writing by the STATE. b. Bidding. CWCB staff must approve bidding for the PROJECT. BORROWER may prepare the notice of award and the notice to proceed with construction; 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 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, or BORROWER shall perform the work under the direct supervision of a registered professional engineer. d. As-built drawings. Upon completion of the PROJECT, the BORROWER will provide as-built drawings of to the CWCB staff for approval and filing. 2. Time for PROJECT completion. The BORROWER shall commence with the construction of the PROJECT as soon as practicable after meeting necessary preconstruction requirements of this contract 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. This time for completion may be extended subject to the mutual agreement of the STATE and the BORROWER. The BORROWER must provide a written request of extension sixty (60) days prior to the end of the two (2) year period for completion. The BORROWER further recognizes that time is of the essence in the performance 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 acts or omissions of those parties or sustained in connection with the performance of any contract related to the PROJECT or by conditions created thereby, or based upon an violation of any statute, ordinance, or regulation, and the defense of any such claims or actions. 4. Liability insurance during construction. The BORROWER shall require the CONSTRUCTION FIRM and its subcontractors to maintain during the term of their contracts for construction of the PROJECT the following insurance with a company that is satisfactory to the STATE: TOWN OF SILT Page 2 of 9 LOAN CONTRACT