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<br />Canal, as more particularly described in the attached Deed of Trust, hereafter referred to as <br />the Collateral. <br /> <br />SECTION 5 - SCHEDULE OF EXISTING DEBT <br /> <br />No existing debt <br /> <br />SECTION 6- TIME FOR PERFORMANCE <br /> <br />Project Beginning: Upon effective date of this contract <br /> <br />Project Finish: 2 years from the effective date of this contract <br /> <br />SECTION 7 - DISBURSEMENT SCHEDULE <br /> <br />The BORROWER shall prepare a periodic progress report which contains a statement of the <br />PROJECT costs expended for that period and shall forward said statement to the CWCB, After <br />receipt of the periodic progress report from the BORROWER, and review and acceptance of the <br />items therein as eligible expenses as described below, the CWCB will pay to the BORROWER <br />the amount set forth in the report or such portion that has been approved by the CWCB. <br />Such payment shall be made within thirty (30) days from the CWCB's approval of each <br />progress report. <br /> <br />SECTION 8 - CONSTRUCTION FUND PROGRAM PROCEDURES ., <br /> <br />A. The BORROWER shall employ an engineer, registered in the state of Colorado to prepare <br />plans and specifications for the PROJECT. <br /> <br />B. The BORROWER'S and the Engineering Consultant's Agreements and, the plans and <br />specifications must be submitted to the CWCB staff for verification of compliance with the <br />terms of this contract whel'1 availabie prior to bidding. Any modifications to the plans and <br />specifidtions must be approved in writing by the CWCB staff. <br /> <br />C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by S 37-87- <br />105 C.R.S., the BORROWER shall provide a leller of approval from the State Engineer's <br />Office prior to construction. <br /> <br />D. CWCB staff must be present at bidding 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 />Construction Firms, which said Construction Firms shall be selected by the BORROWER and <br />found acceptable by the CWCB staff. <br /> <br />F. The BORROWER must provide a copy of the executed construction contract documents <br />consisting of the contractor's proposal, construction contract, performance bond, payment <br />bond, notice of award, notice tQ proceed, sample change order, and sample field order, as <br />well as the advertisement for bid and bid bond at bidding. After the CWCB staff verifies that <br />these documents comply with the terms of this contract, the BORROWER may issue the <br />notice to proceed to the Construction Firms. <br /> <br />G. The BORROWER shall conduct a pre-construction col'1ference at which time the CWCB staff <br />shall 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 <br />construction, the BORROWER shall employ an inspector who has been approved by the <br />cweB staff. <br /> <br />Page 2 of 3 <br />