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~-., .." "I as AUTHORIZED LOAN AMOUNT, for financing PROJECT costs. 7. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon mutually agreeable tenns and conditions. THEREFORE, in consideration of the mutual and dependent covenants contained herein, the parties agree as follows: A, The BORROWER agrees as follows: 1. Construction Fund Program Procedures. The following items are procedures the BORROWER shall follow during the construction phase of the PROJECT. a, The BORROWER shall employ an engineer, registered in the State of Colorado, hereinafter referred to as the CONSULTANT, to prepare plans and specifications for the PROJECT, b. The agreement between the BORROWER and the CONSULTANT and the plans and specifications must be submitted to the CWCB staff for verification of compliance with the tenns of this contract prior to bid opening. Any modifications to the plans and specifications must be approved in writing by the CWCB staff. c. CWCB staff must be present at bid opening and must approve the award of the construction contract. d. The BORROWER shall contract for the construction of the work with responsible and capable firms, hereinafter referred to as CONSTRUCTION FIRMS, which CONSTRUCTION FIRMS shall be selected by the BORROWER and found acceptable by the CWCB staff before work under this contract begins. e. The BORROWER must provide a copy of the executed construction contract documents consisting of the advertisement for bid, contractor's proposal, construction contract, bid bond, perfonnance bond, payment bond, notice of award, notice to proceed, sample change order, and sample field order. After the CWCB staff verifies that these documents comply with the tenns of this contract, the BORROWER may issue the notice to proceed to the CONSTRUCTION FIRMS. f. The BORROWER shall conduct a pre-construction conference at which time the CWCB staff shall have the opportunity to review and approve the construction schedule. g. If the CWCB staff detennines that the PROJECT requires a resident inspector during construction, the BORROWER shall employ an inspector who has been approved by the CWCB staff, h. The BORROWER shall construct the PROJECT in accordance with the approved plans and specifications. i. Upon completion of the PROJECT construction, the BORROWER shall provide as-built drawings of the PROJECT to the CWCB staff, and, if required by section 37-87-105, C.R.S. (1999), the BORROWER shall provide the same drawings to the State Engineer's Office for approval and filing. j. Upon completion of the PROJECT construction, the BORROWER shall arrange a final Sterling Irrigation Company Page 2 of 1 3 Loan Contract