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<br />8. The STATE has reviewed a feasibility report compiled by Smith Geotechnical Engineering <br />Consultants, which is incorporated herein by reference, and, based upon this feasibility report, the <br />STATE determined the PROJECT to be technically and financially feasible. <br /> <br />9. At its July 13-14, 1998 meeting, the CWCB approved a loan to the BORROWER in an amount up to <br />$300,000, not to exceed 90% of the cost of the PROJECT, at an interest rate of 4% per annum for a <br />duration of 30 years. The CWCB found that this loan qualified as an emergency loan because the <br />PROJECT is necessary to avoid unreasonable risk of damage to crops and because the emergency <br />condition is not the result of negligence in the operation or maintenance of the infrastructure. <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 />THEREFORE, in consideration of the mutual and dependent covenants contained herein, 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. <br /> <br />a. The BORROWER shall employ an engineer, registered in the State of Colorado, hereinafter <br />referred to as the CONSULTANT, to prepar@ 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 contract <br />prior to bid opening. Any modifications to the plans and specifications must be approved in <br />writing by the CWCB staff. <br /> <br />c. For plans and specifications for all jurisdi<:tional dams and reservoirs, as defined by S 37-87-105 <br />C.R.S. (1997), the BORROWER shall provide a letter of approval from the State Engineer's Office <br />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 CONSTF<UCTION 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 consisting <br />of the advertisement for bid, contractor's proposal, construction contract, bid bond, performance <br />bond, payment bond, notice of award, notice to proceed, sample change order, and sample field. <br />order. After the CWCB staff verifies that these documents comply with the terms of this contract, <br />the BORROWER may issue the notice to proceed to the CONSTRUCTION FIRMS. <br /> <br />g. The BORROWER shall conduct a pre-construction conference at which time the CWCB staff shall <br />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 construction, <br />the BORROWER shall employ an inspector who has been approved by the CWCB staff. <br /> <br />Leroux Creek Water Users' Association <br /> <br />Page 2 of 13 <br /> <br />Loan Contract <br />