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<br />the CWCB will pay to the BORROWER the amount set forth in the request or such portion <br />that has been approved by the CWCB. Such payment shall be made within thirty (30) <br />days from the CWCB's approval of each request. <br />For Project costs: The BORROWER shall prepare a periodic progress report which <br />contains a statement of the PROJECT costs expended for that period and shall <br />forward said statement to the CWCB. After receipt of the periodic progress report <br />from the BORROWER, and review and acceptance of the items therein as eligible <br />expenses as described below, the CWCB will pay to the BORROWER the amount set <br />forth in the report or such portion that has been approved by the CWCS. Such <br />payment shall be made within thirty (30) days from the CWCS's approval of each <br />progress report. <br />Section 11 - Time for Performance <br />PROJECT Beginning: Upon Effective Date of this Contract (the date this contract is <br />signed by the State Controller or his designee). <br />PROJECT Finish: Three (3) years from the Effective Date of this Contract <br /> <br />Page 5 of 5 <br />