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<br />/::::::j <br /> <br />r-'- , <br />I, ' ) <br /> <br />LOAN CONTRACT <br />SUmmit Reservoir and Irrigation Co. <br />Emergency loan <br /> <br />----------------.------------------ <br /> <br />C. The State agrees that it has or shall: <br /> <br />1. (Agreed to loan money to the Bortower to cover eligible project construction <br />costs): Agreed to loan to the Borrower an amount not to exceed that specified in the <br />Promissory Note of this contract. Said amount shall be made available to the Borrower <br />in accordance with the following terms and conditions: <br /> <br />1a. The Borrower shall prepare a statement of the costs of project construction <br />and shall forward said statement to the State. <br /> <br />lb. Upon receipt and approval by the State of such statement, the State will, <br />within ten (20) days from the approval of such statement, pay over to the Borrower the <br />amount of the statement or such portion thereof as has been approved by the State. <br /> <br />1c. Project construction costs eligible for financing by the State shall be limited to <br />the cost of: <br /> <br />(1) Preparing final designs and specifications for the project. <br /> <br />(2) Preparing bid and construction contract documents. <br /> <br />(3) Preparing environmental assessment or environmental impact <br />statements, and otherwise complying with the Federal National <br />Environmental Policy Act. <br /> <br />(4) Complying with all Federal, State, and local regulatory requirements, <br />including the obtaining of all required permits. <br /> <br />(5) Land and water rights acquisitions needed for the project, including <br />the necessary appraisals and evaluations. <br /> <br />(6) Fish and wildlife mitigation measures required by Federal, State, or <br />local laws and regulations. <br /> <br />(7) Actual construction as called for in the design documents and in <br />Change Orders approved by the Consultant, the Borrower, the <br />Construction Firm, and the State. <br /> <br />(8) Engineering services for construction management, including design <br />and construction management for State-approved Change Orders. <br /> <br />Page .8. of 12 Pages <br />