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<br />hereto and incorporated by reference herein. which first <br />installment shall be due and payable on the first day of <br />the month next succeeding the month in which the State <br />determines that the project has been substantially <br />completed. and yearly thereafter until the entire principal <br />sum shall have been paid, Said installment payments shall <br />be made payable to the Colorado Water Conservation Board. <br />payable at the offices of said Board in Denver. Colorado. <br />The Contractor may prepay the principal amount outstanding <br />to the State. in whole or in part. at any time without <br />penalty. <br /> <br />C. The State agrees that it shall: <br /> <br />1, Loan to the Contractor for the construction of <br />the project an amount not to exceed Eighty-Five <br />Thousand Six Hundred Dollars ($85.600). Said <br />Eighty-Five Thousand Six Hundred Dollars ($85,600) <br />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 and for every month thereafter until said <br />project has been completed. the Contractor shall <br />prepare. with the assistance of the Consultant <br />referred to in paragraph A.l. above. an estimate <br />of the funds required for project construction <br />during that month and shall forward said estimate <br />to the State not less than fifteen (15) days prior <br />to the beginning of such month. <br /> <br />b. Upon receipt and approval by the State of such <br />monthly estimate. the State will. within forty <br />(40) days from the receipt of such estimate. pay <br />over to the Contractor the amount of the monthly <br />estimate or such portion thereof as has been <br />approved by the State. <br /> <br />c. Project construction costs eligible for <br />payment by the State shall be limited to the cost <br />of: <br /> <br />(1) Preparing final designs and <br />specifications for the project. <br /> <br />(2) Preparing bid and construction contract <br />documents. <br /> <br />(3) Preparing environmental assessment or <br />environmental impact statements. and otherwise <br />complying with the federal National <br />Environmental POlicy Act. <br /> <br />(4) Complying with all federal. State. and <br />l~cal regulatory requirements, inclUding the <br />Obtaining of all required permits. <br /> <br />(5) Land and water rights acquisitions needed <br />for the project, including the necessary <br />appraisalS and evaluations. <br /> <br />(6) Fish and wildlife mitigation measures <br />required by federal. State, or local laws and <br />regulations, <br /> <br />(7) Actual construction as called for in the <br />bid documents and in Change Orders approved by <br />the Consultant. the Contractor. the <br />Construction Firm. and the State, <br /> <br />Page ~ of i Pages <br />