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The Stat:'sha1~an Thirty-Three T~ousand six HU~d Dollars ($33.600) to a~;modate the Contractor's lack of cash funds. Such loan shall be repaid in total over ten (10) years at five percent (5'> interest per annum, irrespective of the findings of the feasibility report. The total amount to be repaid is FourtY-Three Thousand Five Hundred Twelve Dollars ($43,512) and shall be payable in (10) equal yearly installments of Four Thousand Three Hundred Fifty-One Dollars and Twenty Cents ($4.351.20) each. the first installment to be due and payable upon the'January 1st next succeeding the receipt and acceptance of the feasibility report on the said project, Subsequent payments shall be due and payable on January 1st of each year thereafter. 5. In consideration of the State also assuming the other fifty percent (50\) of the cost of the preparation of the said project feasibility report, the Contractor shall pay to the State the sum ot Forty Three Thousand Five Hundred Twelve Dollars ($43.512) provided that construction of the sUbject project is initiated within ten (10) years of the date of this contract, The Contractor shall fulfill this obligation irrespective of how or by whom or to what specifications or plans the subjeCt project is financed. paid. or constructed for so long as construction of the project is initiated within the specified time. 6. In the ~vent the Contractor must ~ake payment pursuant to the terms of paragraph 5. above. then the said sum of Forty-Three Thousand Five Hundred Twelve ~011ars ($43,512) shall be payabl_ in ten (10) equal yearly installments of Four Thousand Three aundred Fifty-One Dollars and Twenty Cents ($4.351.20) each, the first installment to be due and payable upon the January 1st next succeeding the ~nitiation of construction on the said project. Subseq~ent payments shall be due and payable on January 1st of each yeqr thereafter. 7. This contract is personal in natu~e and assignment of performance by the Contractor to another ts prohibited unless prior approval in writing is granted by the State. 8. The Contractor is an independent contractor and as such is not entitled to any benefits of the St4te personnel system. 9. The original contract price stateq in paragraph 4. and any additions thereto shall be adjusted t4 exclude any significant sums by which the State deter~ines the contract price increased due to inaccurate. incomp~ete, or noncurrent wage rates and other factual unit costs. All such contract adjustments shall be made within one (1) ~ear following the end of the contract. 10. The Contractor warrants that he has not employed or retained any company or person. other tha4 a bona fide employee working solely for him. to solicit or seC~re this contract and that he has not paid or agreed to pay any person. company. corporation, individual. or firm. other than a bona fide employee working solely for him. any fee. commission. percentage. gift. or other consideration ~ontingent upon or reSUlting from the award or the making of this contract. 11. All notices. correspondence. or ~ther documents required by this contract shall be deliveted or mailed to the following addresses: a. For the State b. F~r the Contractor Mr. J. william McOonald. Oirector Colorado Water Conservation Board 721 State Centennial Building 1313 Sherman Street Denver. CO 80203 Attn: Nick Ioannides The S~nta Maria Reservoir company P.O. llox 288 Monte vista. CO 81144 Attn: Barry Nelson Engineer/Manager Page l of i Pages < I ---- -', " .-....,