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<br />B. <br /> <br />13. Repay to the state the total principal sum of Three <br />Hundred Forty Thousand Five Hundred Fifty Dollars and Ninety <br />Cents (340,550.90), which includes the project loan amount and <br />the Nine-Thousand-Eight-Hundred-Eighty-Five-Dollar ($9,885) <br />feasibility report amount, together with interest at the rate of <br />five percent C5%} per annum, said repayment to be made in <br />constant annual installments of Nineteen Thousand Eight Hundred <br />Forty-Six Dollars and Sixty-Eight Cents ($19,846.68) each, for <br />forty (40) years, as shown in Appendix B, attached hereto and <br />incorporated by reference herein, which first installment .shall <br />be due and payable on the first day of the month next succeeding <br />the month in which the state determines that the project has <br />been substantially completed, and yearly thereafter until the <br />entire principal sum shall have been paid. said installment <br />payments shall be made payable to the Colorado Water <br />Conservation Board, payable at the offices of said Board in <br />Denver, Colorado. <br /> <br />D. The state agrees that it shall: <br /> <br />1. Loan to the contractor for the construction of the <br />project an amount not.to exceed Three Hundred Thirty Thousand <br />six Hundred Sixty-Five Dollars and Ninety Cents ($330,665.90). <br />Said Three Hundred Thirty Thousand six Hundred Sixty-Five <br />Dollars and Ninety Cents ($330,665.90) shall be made available <br />to the Contractor in accordance with the following terms and <br />condi tions: . <br /> <br />'. <br /> <br />a. Beginning with the monthly period commencing June <br />28, 1989, and for every month thereafter until said <br />project has been completed, the Contractor shall <br />prepare, with the assistance of the Consultant referred <br />to in paragraph B.1. above, an estimate of the funds <br />required for project construction during that month and <br />shall forward said estimate to the State not less than <br />fifteen (15) days prior to the beginning of such month. <br /> <br />b. Upon receipt and approval by the sta~ of such <br />monthly estimate, the State will, within forty (40) days <br />from the receipt of such estimate, pay ove~ to the <br />Contractor the amount of the monthly estimate or such <br />portion thereof as has been approved by the state. <br /> <br />c. No payments will be made under this contract unless <br />and until the project plans and specifications referred <br />to in paragraph B.1. above are approved by the state in <br />writing. <br /> <br />d. Project construction costs eligible for payment by <br />the State shall be limited to the cost of: <br /> <br />(1) Preparing final designs and specifications for <br />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 Environmental <br />Policy Act. <br /> <br />(4) Complying with all federal, State, and local <br />regulatory requirements, including the obtaining of <br />all required permits. <br /> <br />Page ~ of 2 Pages <br />