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<br />~ .: <br /> <br />~-... <br />,.~.. 'j <br /> <br />8. Pursuant to 1995 Colo. Sess. Laws, Chapter 117, Section 1, the Colorado General <br />Assembly authorized CWCB to loan to the BORROWER an amount not to exceed Forty Thousand Dollars <br />($40,000) for a term of thirty (30) years for the PROJECT; and <br /> <br />9. Pursuant to its articles of incorporation, by-laws and statutory authority, the BORROWER has <br />authority to contract to borrow money provided that a resolution approving the loan has been duly <br />adopted by its board of directors and shareholders, and to levy assessments assuring repayment of <br />the loan to the STATE provided that a resolution approving the assessments has been duly adopted <br />by its shareholders or board of directors pursuant to ~ 7-42-104, C.R.S. (1986); and <br /> <br />10. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT <br />upon mutually agreeable terms and conditions. <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 BORROWER will adhere to the fo[lowing <br />procedures during the construction phase of the PROJECT rehabilitation. <br /> <br />a. Preparation of plans and specifications. The engineering plans and specifications for <br />this project have been prepared by the U.S. Department of Agriculture's Natural Resources <br />Conservation Service. \ <br /> <br />b. Bidding. CWCB staff must be present at bid opening for construction as well as <br />approve bidding for the PROJECT rehabilitation. BORROWER may prepare the notice of award <br />and the notice to proceed with construction to the contractor; however, both notices must <br />be approved by the CWCB staff before they are issued. The BORROWER shall conduct a <br />pre-construction conference and the CWCB staff will have the opportunity to review and <br />approve the 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. As-built drawings. Upon completion of the PROJECT, the BORROWER will provide as-built <br />drawings of the PROJECT to the STATE for approval and filing. <br /> <br />2. Time for PROJECT completion. The BORROWER recognizes that time is of the essence in the <br />performance of all its obligations under this contract. Therefore, the BORROWER sha[1 commence with <br />construction of the PROJECT as soon as practicable to effect completion by December 31,1998. The <br />PROJECT shall be constructed in accordance with the plans and specifications, and with any <br />modification(s) thereof approved by the STATE. The time for completion of the PROJECT may be <br />extended subject to the approval of the STATE. The BORROWER must provide, in writing. documented <br />justification for a request for extension by November 1, 1998. <br /> <br />3. Indemnification of the STATE. The BORROWER shall require all CONSTRUCTION FIRMS and their <br />subcontractors to indemnify the STATE and the BORROWER against all liability and loss, and against a[1 <br /> <br />APPLETON ML350 DITCH COMPANY, INC. LOAN CONTRACT <br /> <br />Page 2 of 11 <br />