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<br />!i. <br /> <br />are covered by each loan approval. The $500,000 loan will be used first towards the cost of the <br />rehabilitation of Reservoir No, 6 outlet ditch. Any loan funds remaining after the rehabilitation of <br />Reservoir NO.6 otttlet ditch can be used, at the Borrower's discretion, towards the rehabilitation <br />of Reservoir No, fr. The Borrower also informed the Board of its intention to postpone indefinitely <br />the construction of a portion of the Buckeye Lateral pipeline. <br /> <br />10, The Feasibility Study determined that, due to the changes in material quantities, the cost of <br />rehabilitation of Reservoir NO.6 outlet ditch had increased from $444,600 to $622.783, and the <br />cost of rehabilitation of Reservoir No. 5 increased from $146,380 to $200,375. The loan <br />coverage of the increased amounts was recognized by the Board at the January 1999 meeting <br />and is exempt from specific legislative approval by Section 1 (2) of HB98-1189 which states that <br />"Said loans shall be in the amounts listed... plus or minus such amounts, if any, as may be <br />justified by '.. changes in material quantities beyond contract limits," <br /> <br />11. 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 />THEREFORE, in consideration of the mutual and dependent covenants contained herein, <br />the 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, <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 <br />specifications must be submitted to the CWCB staff for verification of compliance with the <br />terms of this contract prior to bid opening. Any modifications to the plans and specifications <br />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 9 37-87- <br />105 C.R.S. (1998), 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 />North Poudre Irrigation Company <br /> <br />Page 2 of 13 <br /> <br />Loan Contract <br /> <br />o <br />