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<br />:<..-......... <br />1 <br />i <br /> <br />9. Pursuant to ~31-15-302 et seq., CRS, the BORROWER has authority to contract to borrow money <br />provided that an ordinance that is irrepealable until this loan is discharged has been duly adopted by its Town <br />Board of Trustees, and to levy assessments to assure repayment of the loan to lhe STATE according to the <br />terms of this cOQtract; and <br /> <br />10. The STATE understands that the repayment of the funds loaned, including interest thereon, will come <br />from revenues pledged for the repayment thereof from water user charges or fees; and <br /> <br />11. 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; and <br /> <br />NOW THEREFORE, in consideration of the mutual and dependent covenants contained, it is agreed <br />by the parties as follows: <br /> <br />A, The BORROWER agrees as follows: <br /> <br />1. Construction Fund Program procedures, The following items are procedures the BORROWER will <br />follow during the construction phase of the PROJECT. <br /> <br />a. Preparation of plans and specifications, The BORROWER shall employ an engineering firm, <br />hereinafter referred to as the CONSULTANT, with staff registered in the State of Colorado, to prepare <br />PROJECT plans and specifications, The BORROWERICONSuLTANTagreement and the PROJECT plans and <br />specifications must be approved in writing by the STATE. <br /> <br />b. Bidding. CWCB staff must approve the bidding procedures for the PROJECT. BORROWER may <br />prepare the notice of award and the notice to proceed with construction; however, both notices <br />must be approved by the CWCB staff. <br /> <br />c. Perlormance of work, The BORROWER shall contract for the construction of the work with <br />responsible and capable firms (hereinafter referred to as CONSTRUCTION FIRMS), which CONSTRUCTION <br />FIRMS shall be selecled by the BORROWER and found acceptable by the STATE. <br /> <br />d. Completion. Upon completion of the PROJECT, the BORROWER will provide as-built drawings for <br />the PROJECT to the CWCB staff for approval and filing. <br /> <br />2. Time for PROJECT completion. The BORROWER shall commence with construction of the PROJECT as <br />soon as practicable to effect completion within two (2) years of the date of this contract. The time for <br />completion of the PROJECT may be extended subject to the mutual agreement of the STATE and the BORROWER. <br />The BORROWER must provide, in writing, documented justification for request of extension of time for completion <br />of the project at least sixty (60) days prior 10 the end of the two (2) year period for completion. The BORROWER <br />further recognizes that time is of the essence in the performance of its obligations under this contract. <br /> <br />3. Indemnification of the STATE. The BORROWER shall require all CONSTRUCTION FIRMS and their <br />subcontractors to indemnify the STATE and the BORROWER against all liability and loss, and against all claims and <br />actions based upon or arising out of damage or injury, including death, to persons or property, caused by any <br />acts or omissions of those parties or sustained in connection with the performance of any contract related to <br />the PROJECT or by conditions created thereby, or based upon an violation of any statute, ordinance, or <br />regulation, and the defense of any such claims or actions. <br /> <br />4. Liability insurance during construction. The BORROWER shall require the CONSTRUCTION FIRM and its <br />subcontractors to maintain during the term of their contracts for construction of the PROJECT the following: <br /> <br />a. Workmen's compensation in the required statutory amounts and employers' liability insurance in <br />the amount of Two Hundred Thousand Dollars ($200,000). <br /> <br />TOWN OF MONUMENT <br /> <br />Page 2 of 11 <br /> <br />LOAN CONTRACT <br />