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<br />" <br /> <br />A <br /> <br />undue hardship to the BORROWER and approved a loan to the BORROWER from the Small Project <br />Loan Account of up to $100,000 at an interest rate of 3,75% per annum for a duration of 20 years. <br /> <br />10. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon. <br />mutually agreeable terms and conditions, <br /> <br />THEREFORE, in consideration of the mutual and dependent covenants contained herein, the <br />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 <br />shall follow during the construction phase of the PROJECT. <br /> <br />a. The BORROWER shall employ an engineer, registered in the State of Colorado, hereinafter <br />referred to as the CONSULTANT, to prepare plans and speCifications for the PROJECT. <br /> <br />b, The agreement between the BORROWER and the CONSULTANT and the plans and specifications <br />must be submitted to the CWCB staff for verification of compliance with the terms of this contract <br />prior to bid opening. Any modifications to the plans and speCifications must be approved in <br />writing by the CWCB staff, <br /> <br />c, For plans and specifications for all jurisdictional dams and reservoirs, as defined by 9 37-87-105 <br />C,RS. (1997), the BORROWER shall provide a letter of approval from the State Engineer's Office <br />prior to construction. <br /> <br />d. CWCB staff must be present at bid opening and must approve the award of the construction <br />contract <br /> <br />e, The BORROWER shall contract for the construction of the work with responsible and capable <br />firms, hereinafter referred to as CONSTRUCTION FIRMS, which CONSTRUCTION FIRMS shall be <br />selected by the BORROWER and found acceptable by the CWCB staff before work under this <br />contract begins, <br /> <br />f. The BORROWER must provide a copy of the executed construction contract documents consisting <br />of the advertisement for bid, contractor's proposal, construction contract, bid bond, performance <br />bond, payment bond, notice of award, notice to proceed, sample change order, and sample field <br />order. After the CWCB staff verifies that these documents comply with the terms of this contract, <br />the BORROWER may issue the notice to proceed to the CONSTRUCTION FIRMS. <br /> <br />g. 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 />h, 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 />L The BORROWER shall construct the PROJECT in accordance with the approved plans and <br />specifications. <br /> <br />j, Upon completion of the PROJECT construCtion, the BORROWER shall provide as-built drawings of <br />the PROJECT to the CWCB staff, and, if required by 9 37-87-105, C.RS, (1997), the BORROWER <br />shall provide the same drawings to the State Engineer's Office for approval and filing. <br /> <br />Western Mutual Ditch Company <br /> <br />Page 2 of 13 <br /> <br />Loan Contract <br />