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<br />WHEREAS, a special election on April 16, 1991, resulted with <br />a 50 to 5 majority for borrowing the funds for this project as <br />required by 37-41-113, CRS; and <br /> <br />WHEREAS, pursuant to section 1 of chapter 32, Session Laws <br />of colorado 1987, as amended by S.B. B6-27, the state <br />has been authorized to loan Three Hundred Twenty-Five 'l'housand <br />Dollars ($325,000) for construction of the project, including <br />the cost of the feasibility reportj and <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 State and the Contractor have previously entered into a <br />termination contract, attached hereto as Exhibit A, and a <br />feasibility report contract, attached hereto as Exhibit B. <br />EXhibits A and B are incorporated by reference herein. <br /> <br />B. The Contractor agrees that it shall: <br /> <br />1. Employ an engineering firm (hereinafter referred to as <br />the Consultant) to prepare project plans and specifications for <br />the project. Both the Consultant and the project plans and <br />specifications must be approved in writing by the state before <br />construction on the project can commence. For purposes of this <br />paragraph, "construction" includes any real estate and water <br />rights acquisitions. <br /> <br />2. Contract for the construction of said project to a <br />responsible and capable firm or firms (hereinafter referred to <br />as Construction Firm or Firms), which construction Firms shall <br />be selected by the Contractor through competitive public <br />bidding. The state must approve in writing all contracts before <br />they can become effective. <br /> <br />3. Cause construction of the project to be completed within <br />two (2) years of the date of this contract, in accordance with <br />the project plans and specifications.and any necessary <br />modification(s) thereof approved by the state. This time may be <br />extended by the state in writing if such time is insufficient <br />because of acts of God or other acts or circumstances beyond the <br />control of the Contractor. The Contractor must produce <br />documented justification of any such acts or circumstances. <br /> <br />4. Require all Construction Firms and their subcontractors <br />to indemnify the State and the Contractor against all liability <br />and loss, and against all claims and actions based upon or <br />arising out of damage or injury, including death, to persons or <br />property, caused by any acts or omissions of those parties or <br />sustained in connection with the performance of any contract <br />related to the project or by conditions created thereby, or <br />based upon any violation- of any statute, ordinance, or <br />regulation, and the defense of any such claims or actions. <br /> <br />5. Require all Construction Firms and their subcontractors <br />to maintain during the term of their contracts for project <br />construction the following: <br /> <br />a. workmen's compensation and employers' liability <br />insurance in the required statutory amounts. <br /> <br />b. Automobile liability insurance for all vehicles, <br />and comprehensive general liability insurance, both in <br />at least the following amounts: <br /> <br />Page ~ of 10 pages <br />