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<br />r-;-J <br /> <br />'. <br /> <br />in the united states Court for the District of Colorado and Case <br />No. 91CW252 in the Water Court for Water Division No.5, State <br />of Colorado, for the approval of the Substitution Agreement. <br /> <br />NOW THEREFORE, in consideration of the mutual and dependent <br />covenants herein contained, it is agreed by the parties hereto <br />as follows: <br /> <br />A. The State agrees that it shall: <br /> <br />1. Loan to the Contractor for the construction of the <br />project, including the acquisition of the necessary lands and <br />interests therein, an amount not to exceed Twenty Million <br />Dollars ($20,000,000). Said Twenty Million Dollars <br />($20,000,000) shall be made available to the Contractor in <br />accordance with the following terms and conditions: <br /> <br />a. Beginning with the monthly period commencing <br />March 1, 1993, and for every monthly period thereafter <br />until the project has been completed, the Contractor <br />shall prepare, with the assistance of the engineering <br />firm referred to in paragraph B.1., an estimate of the <br />funds required from the State for project construction <br />during that monthly period and shall forward said <br />estimate to the State not less than fifteen (15) days <br />prior to the beginning of such monthly period. The <br />first monthly estimate so submitted shall include the <br />amount expended to date upon environmental permitting <br />and compliance, design engineering and land <br />acquisition. <br /> <br />b. Upon receipt and approval by the State of such <br />monthly estimate, the State will, within forty (40) <br />days from the receipt of such estimate, pay over to <br />the Contractor the amount of the monthly estimate or <br />such portion thereof as has been approved by the <br />State. <br /> <br />2. Assist in coordinating the project with local official <br />comprehensive plans for water development and with any State or <br />area plans for the area in which the project is located. <br /> <br />B. The Contractor agrees that it shall: <br /> <br />1. Employ Boyle Engineering Corporation to provide <br />engineering services during construction. <br /> <br />2. Contract for the construction of the project with a <br />responsible and capable firm or firms (hereinafter referred to <br />as the construction Firm or Firms), which Construction Firms <br />shall be selected through competitive public bidding. <br /> <br />Page ~ of 10 Pages <br /> <br />'.. <br />