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<br />t;.'\ <br />. ..} <br /> <br />.~) <br />i..._, <br />, <br /> <br />PROJECT increased to $747,000. The BORROWER requested that the amount of the loan be <br />increased by $190,000 to a total amount of $560,000. <br /> <br />10. At its November 24-25, 1997 meeting, the CWCB approved the increased loan to the <br />BORROWER in an amount up to $560,000, not to exceed 75% of the cost of the PROJECT, at an <br />interest rate of 4.375% per annum for a term of 30 years. The loan amount was increased by <br />$190,000 pursuant to the 1995 Sess. Laws, Ch. 117, Section 1, Paragraph 2 which allows <br />loans made by the CWCB to be increased as may be justified by ".. . reasons of changes in the <br />plans for a project if those changes are required by final engineering drawings and <br />specifications." <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 <br />BORROWER shall follow during the construction phase of the PROJECT. <br /> <br />a. The BOl;lROWER 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 ~ 37-87- <br />105 C.R.S. (1997), the BORROWER shall provide a letter of approval from the State <br />Engineer's 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 <br />bond, performance bond, payment bond, notice of award, notice to proceed, sample change <br />order, and sample field order. After the CWCB staff verifies that these documents comply <br />with the terms of this contract, the BORROWER may issue the notice to proceed to the <br />CONSTRUCTION FIRMS. <br /> <br />g. The BORROWER shall conduct a pre-construction conference at which time the CWCB staff <br />shall have the opportunity to review and approve the construction schedule. <br /> <br />Left Hand Ditch Company <br /> <br />Page 2 of 13 <br /> <br />Loan Contract <br />