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<br />I. The STATE has reviewed a feasibility report compiled by Zoyoipoulos & Associates, which is <br />inoorporated herein by this reference, and, t;ased upon the feasibility report, the STATE determined <br />the PROJECT to be technically and financially feasible. <br /> <br />J. At its September 22-23, 1997 meeting, the CWCB approved a loan to the BORROWER in the amount <br />of $590,000, which amount shall not exceed 75% of actual PROJECT oosts, at an interest rate of <br />3.75% per annum for a term of 30 years, to finance PROJECT costs. The CWCB found that this loan <br />qualified as an emergency loan because the PROJECT is necessary to avoid unreasonable risk of <br />damage to crops and because the emergency condition is not the result of negligence in the operation <br />or maintenance of the infrastructure. <br /> <br />K. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon <br />mutually agreeable terms and conditions, subject to the availability of funding for that purpose. <br /> <br />NOW THEREFORE, in consideration of the mutual and dependent covenants contained herein, <br />the parties agree as follows: <br /> <br />A The BORROWER agrees as follows: <br /> <br />1. Construction Fund Program procedures. The following items are procedures the BORROWER shall <br />follow during the construction phase of the PROJECT. <br /> <br />a. The BORROWER has employed an engineer, registered in the State of Colorado, hereinafter <br />referred to as the CONSULTANT, who prep"red plans and specifications for the PROJECT. <br /> <br />b. The agreement between the BORROWER and the CONSULTANT and the plans and specifications <br />have been submitted to the CWCB staff for verification of complianoe with the terms of this <br />contract. Any modifications to the plans and specifications must be approved in writing by the <br />CWCB staff. <br /> <br />c. CWCB staff has approved the award of the construction contract. <br /> <br />d. The BORROWER has contracted for the construction of the work with a company, hereinafter <br />referred to as CONSTRUCTION FIRM, which CONSTRUCTION FIRM was found acceptable by the <br />CWCB staff. <br /> <br />e. The BORROWER may be required by the CWCB to provide copies of executed construotion <br />contract documents consisting of the CO(lstruction contract, performance bond, payment bond, <br />notice of award, and notice to proceed. After CWCB staff verifies that these documents comply <br />with the terms of this contract, BORROWEFl may issue the notice to proceed to the CONSTRUCTION <br />FIRMS. <br /> <br />f. The BORROWER shall conduct a pre-construction conference at which time the CWCB staff shall <br />have the opportunity to review and approve the construction schedule. <br /> <br />g. If the CWCB staff determines that the PROJECT requires a resident inspector during construction, <br />the BORROWER shall employ an inspector who has been approved by the CWCB staff. <br /> <br />h. The BORROWER shall construct the PROJECT in accordance with the approved plans and <br />specifications. <br /> <br />i. Upon completion of the PROJECT construction, the BORROWER shall provide as-built drawings of <br />the PROJECT to the CWCB staff. <br /> <br />j. Upon completion of the PROJECT construction, the BORROWER shall arrange a final inspection for <br />the CWCB staff, CONSTRUCTION FIRM, and the CONSULTANT. <br /> <br />Julesburg Irrigation District <br /> <br />Page 2 of 12 <br /> <br />Loan Contract <br />