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<br />------ <br />. ": i <br /> <br />interest loan; and <br /> <br />WHEREAS, by necessity, this work is being done as this <br />contract is being written; and <br /> <br />WHEREAS, the State now desires, by this project contract, to <br />loan money for the construction of the first phase of said <br />project upon mutually agreeable terms and conditions, subject to <br />the availability of funding for that purpose; and <br /> <br />WHEREAS, pursuant to the Contractor's Articles of <br />Incorporation, the Contractor has authority to contract to <br />borrow money provided that a Resolution be duly passed by the <br />Board of Directors and to levy assessments assuring repayment of <br />the State according to the terms of the contract; and <br /> <br />WHEREAS, pursuant to section 1 of chapter 32, Session Laws <br />of Colorado 1987, as amended by SB 92-87, the State has been <br />authorized to loan Four Hundred Thousand Dollars ($400,000) for <br />cor.struction of the project. <br /> <br />WHEREAS, the Contractor or Borrower understands that this <br />Contract is also a promissory note for the repayment of funds <br />loaned to the Borrower according to the terms set forth herein. <br /> <br />NOW THEREFORE, in consideration of the mutual and <br />dependent covenants herein contained, it is agreed by the <br />parties hereto as follows: <br /> <br />A. The Contractor agrees that it has: <br /> <br />1. Employed an engineering firm (hereinafter referred to as <br />the Consultant) to prepare plans and specifications for the <br />first phase of the project and that these documents were <br /> <br />Page 2 of 17 Pages <br />