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cause undue hardship to the BoRROwER a�d approved a loan to the BoRROwER in an amount up to $100,000, hereinafter referced to as the AuTHORiZE� Loa,N AMOUN'r, not to exceed 75°/o of the cost of the PROJECT, at an interest rate of 3.75% per annum for a duration of 20 years. 10. The ST,4TE now desires, by this contract, to laan money to the BoRROweR for this PRO�ECT upon mutually agreeable terms and conditions. THEREFOFtE, in consideration of the mutual and dependent covenants contained herein, the parties agree as foliows: A. The BoRROWER agrees as follows: 1. Construction Fund Program Procedures. The following items are procedures the SoRROweR shall folfow during the construction phase of the PRO�ECT. a. The BoRROwER shail employ an engineer, registered in the State of Colorado, hereinafter referred to as the CoNSU�TaNT, to prepare plans and specifications for the PRO�ECr. b. The agreement between the BoRROwER and the CoNSU�TaN'r and the plans and specifications must be submitted to the CWCB staff for verification of compiiance with the terms of this contract prior to bid opening. Any modifications to the plans and specifications must be approved in writing by the CWCB staff. c. For plans and specifications for all jurisdictional dams and reservoirs, as defined by § 37-87-105 C.R.S. (1999), the BoRROwER shail provide a letter of approval from the State Engineer's Office prior to construction. d. CWCB staii must be p�esent at bid opening and must approve the award of the construction contract. e. The BORROwER shall coRtract for the construction of the work with responsible and capable firms, hereinafter referred to as CONSTRUCTION FIRMS, WhiCh CONSTRUCTION FiRMS shalf be selected by the BoRROwER and found acceptable by the CWCB staff before work under this contract begins. f. The BoRROwER must provide a copy of the executed construction contract documents consisting of the advertisement for bid, contractor's proposal, conshuction contract, bid bond, per(ormance 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 terms of this contract, the BoRROwER may issue the notice to proceed to the CoNSTRUCTioN FiRMS. g. The BoRROwER shail co�duct a pre-construction conference at which time the CWCB staff shall have the opportunity to review and approve the construction schedule. h. If the CWCB staff determines that the PRO�EC7 requires a resident inspector during �onstruction, the BortROwER shall employ an inspector who has been approved by the CWCB sta�f. i. The BoRROwER shall construct the PRO�ECT in accordance with the approved plans and specifications. j, Upon completion of the PRO�ECT construction, the BoRROwER shall provide as-built drawings oi the PRO3ECT to the CWCB staff, and, if required by § 37-87-105, C.R.S. (1999), the BoRROwER shall provide the same drawings to the State Engineer's O�ce for approval and filing. Boulder 8 Left Ha�d Irtigation Company Page 2 of 12 �oan Convacc