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<br />~2~ <br />i~:"~.f.~7 <br /> <br />- ~.'\.-.~. <br /> <br />yearly thereafter until the entire principal sum shall <br />have been paid. However, in the event the Borrower <br />does not draw funds commencing on the date specified in <br />paragraph B.l.a. below, the obligation to repay shall <br />be postponed for the same number of months as the <br />Borrower delays in drawing funds. Said installment <br />payments shall be made payable to the Colorado Water <br />Conservation Board, payable at the offices of said <br />Board in Denver, Colorado. The Borrower pledges its <br />full faith and credit in support of this obligation and <br />warrants that it has taken all steps necessary to <br />pledge its full faith and credit for this obligation. <br /> <br />B.l. The State agrees that it shall: <br /> <br />1. Loan to the Borrower for the purpose of this <br />contract an amount not to exceed Four Ninety-Eight <br />Thousand Five Hundred Twelve Dollars ($498,512). <br />Said Four Hundred Ninety-Eight Thousand Five <br />Hundred Twelve Dollars ($498,512) shall be made <br />available to the Borrower in accordance with the <br />following terms and conditions. <br /> <br />a. Beginning with the monthly period <br />commencing with the date of this contract and <br />for every month thereafter until said project <br />has been completed, the Borrower shall <br />prepare, with the assistance of the <br />engineering firm referred to in paragraph <br />B.l. above, an estimate of the funds required <br />from the State for project engineering and/or <br />construction during that month and shall <br />forward said estimate to the State not less <br />than fifteen (15) days prior to the beginning <br />of such month. <br /> <br />b. Upon receipt and approval by the State <br />of such monthly estimate, the State will, <br />within forty (40) days from the receipt of <br />such estimate, pay over to the Borrower the <br />amount of the monthly estimate or such <br />portion thereof as has been approved by the <br />State. <br /> <br />c. No payments will be made under this <br />contract for project construction until the <br />project plans and specifications referred to <br />in paragraph 3.A.G. above are approved by the <br />State. <br /> <br />d. Upon completion of the repayment to the <br />State in the Sum of Four Hundred Ninety-Eight <br />Thousand Five Hundred Twelve Dollars <br />($498,512), as set forth in paragraph 3.a. of <br /> <br />Page ~ of ~ pages <br />