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<br />, , <br /> <br />'-, <br />" <br />! <br /> <br />7, Pursuant to Section 1 of Senate Bill 94-029 the Colorado General Assembly specifically <br />authorized CWCB to loan to the BORROWER an amount not to exceed Eighty Thousand Dollars <br />($80,000) for a term of twenty (20) years for the construction of the PROJECT; and <br /> <br />8, Pursuant to the BORROWER'S articles of incorporation, the BORROWER has authority to <br />contract to borrow money provided that a resolution has been duly adopted by its stockholders and <br />to levy assessments assuring repayment of the loan to the STATE in accordance with the terms of this <br />contract; and <br /> <br />9. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT <br />upon mutually agreeable terms and conditions; and <br /> <br />NOW THEREFORE, in consideration of the mutual and dependent covenants contained, it <br />is agreed 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 <br />will follow during the construction phase of the PROJECT. <br /> <br />a. Preparation of plans and specifications, The BORROWER has a contract whereby the <br />U.S. Department of Agriculture, Agricultural Stabilization and Conservation Service has <br />prepared the plans and specifications of the PROJECT under SCS Design 2424511. The <br />PROJECT plans and specifications must be accepted by the STATE before construction on <br />the PROJECT can commence. <br /> <br />b. Bidding. CWCB staff must be present at bid opening for construction as well as <br />approve bidding for the PROJECT. BORROWER may prepare the notice of award and the <br />notice to proceed with construction; however, both notices must be approved by the <br />CWCB staff before they are issued. The BORROWER shall conduct a pre-construction <br />conference and the CWCB staff will have the opportunity to review and approve the <br />construction schedule. <br /> <br />c, Performance of work, The BORROWER shall contract for the construction of the work <br />with responsible and capable firms, hereinafter referred to as CONSTRUCTION FIRMS, which <br />CONSTRUCTION FIRMS shall be selected by the BORROWER and found acceptable by the STATE <br />before work under this contract begins. <br /> <br />d, Completion. Upon completion of the PROJECT, the BORROWER will provide as-built <br />drawings of dams and reservoirs to the State Engineer's office for approval and filing. As- <br />built drawings for all other PROJECTS will be provided to the CWCB staff for approval and <br />filing. <br /> <br />2. Time for PROJECT completion. The BORROWER shall commence with construction of the <br />PROJECT as soon as practicable after meeting necessary preconstruction requirements of this contract <br />to effect completion within two (2) years of the date of this contract. The PROJECT shall be <br />constructed in accordance with the PROJECT plans and specifications and any modification(s) thereof <br />approved by the STATE. The time for completion of the PROJECT may be extended subject to the <br />mutual agreement of the STATE and the BORROWER, The BORROWER must provide, in writing, <br />documented justification for request of extension sixty (60) days prior to the end of the two (2) year <br /> <br />ELMWOOD LATERAL DITCH COMPANY <br /> <br />Page 2 of 11 <br /> <br />LOAN CONTRACT <br />