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<br />undue hardship if the PROJECT is not completed prior to the 1998 irrigation season because .the <br />poor condition of the BORROWER'S current diversion has severely limited the amount of water <br />available to the BORROWER'S members, <br /> <br />9, At its July 21, 1997 meeting, the CWCB found that delay in completion of the PROJECT would <br />cause undue hardship for the BORROWER'S members, and approved a loan to the BORROWER in an <br />amount not to exceed $50,000 at an interest rate of 3,5% per annum for a term of twenty years, <br /> <br />10, The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon <br />mutually agreeable terms and conditions. <br /> <br />NOW THEREFORE, in consideration of the mutual and dependent covenants contained, the <br />parties agree as follows: <br /> <br />A. The BORROWER agrees as follows: <br /> <br />1. Construction Fund Program Procedures. The following items are procedures the BORROWER <br />shall follow during the construction phase of the PROJECT rehabilitation, <br /> <br />a, The BORROWER shall employ an engineer, registered in the State of Colorado, hereinafter <br />referred to as the CONSULTANT, to prepare plans and specifications for the PROJECT, <br /> <br />b, The agreement between the BORROWER and the CONSULTANT and the plans and specifications <br />must be submitted to the CWCB staff for verification of compliance with the terms of this <br />contract prior to bid opening. Any modifications to the plans and specifications must be <br />approved in writing by the CWCB staff, <br /> <br />c, For plans and specifications for all jurisdictional dams and reservoirs, as defined by 9 37-87- <br />105 C.R.S, (1990), the BORROWER shall provide a letter of approval from the State Engineer's <br />Office prior to construction, <br /> <br />d, CWCB staff must be present at bid opening 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 />firms, hereinafter referred to as CONSTRUCTION FIRMS, which CONSTRUCTION FIRMS shall be <br />selected by the BORROWER and found acceptable by the CWCB staff before work under this <br />contract begins, <br /> <br />f. The BORROWER must provide a copy of the executed construction contract documents <br />consisting of the advertisement for bid, contractor's proposal, construction contract, bid bond, <br />performance bond, payment bond, notice of award, notice to proceed, sample change order, <br />and sample field order. After the CWCB staff verifies that these documents comply with the <br />terms of this contract, the BORROWER may issue the notice to proceed to the CONSTRUCTION <br />FIRMS, <br /> <br />g, The BORROWER shall conduct a pre-construction conference 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 CWCB <br />staff. <br /> <br />Smith Irrigation Ditch <br /> <br />Page 2 of 13 <br /> <br />Loan Contract <br />