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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 (75%\ of the total eli9ible project construction costs, at an interest rate of five percent (5.0%1 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) years 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 tha 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. ' c. Parformance of work. ORROWER shall contract for the construction of the work with responsible and capable f , 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. ' ns must be approved by the a. Preparation of plans and specifications. STATE. b. Bidding. CWCB staff must appro prepare the notice of awa e no both notices must y th conduct a pre-constru ence approve the constructio ule. OJECT. The BORROWER may on to the contractor; however, ey are issued. The BORROWER shall aff will have the opportunity to review and 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 0.3 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. Tha 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 accordanca with the PROJECT plans and specifications and any modification(s) thereof approved by th'e 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 extension sixty (60) 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 agej,9st 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 any violation, of any statute, ordinance, or CASTLE PINES NORTH METRO DISTRICT Page 2 of 11 LOAN CONTRACT