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<br />c-c>, <br />. . <br /> <br />State to ensure compliance with prov1s1ons of this contract and <br />the laws and regulations under which this contract is entered <br />into. <br /> <br />C. The State agrees that it has: <br /> <br />1. Agreed to loan to the Contractor for the construction of <br />phase one of the project an amount not to exceed Two Hundred <br />Thousand Dollars ($200,000). Said Two Hundred Thousand Dollars <br />($200,000) shall be made available to the Contractor in <br />accordance with the following terms and conditions: <br /> <br />a. Commencing ten (10) days from the date of this <br />contract, the Contractor shall prepare, with the <br />assistance of the Consultant referred to in paragraph <br />A.1. above, a statement of the funds required for <br />project construction during that month and shall <br />forward said statement to the State not less than <br />fifteen (15) days prior to the beginning of such month. <br />The Seventy Thousand Dollars ($70,000) required to pay <br />off the Contractor's existing high-interest loan may be <br />included in the first month's statement. <br /> <br />b. Upon receipt and approval by the State of such <br />monthly estimate, the State will, within forty (40) <br />days from the approval of such estimate, pay over to <br />the Contractor the amount of the monthly estimate or <br />such portion thereof as has been approved by the State. <br /> <br />c. Project construction costs eligible for payment by <br />the State shall be limited to the cost of: <br /> <br />(1) <br />the <br /> <br />Preparing <br />project. <br /> <br />final designs and specifications for <br /> <br />Page 10 of 11 Pages <br />