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<br />. ' <br /> <br />I. At its November 3-4, 1994 meeting, the CWCB approved a loan to the BORROWER in the amount of <br />$504,000, which amount shall not exceed 75% of actual PROJECT costs, at an interest rate of 5% <br />per annum for a term of 30 years, to finance PROJECT costs. <br /> <br />J. Pursuant to 1994 Colo. Sess. Laws, Ch. 117, Section 1, the Colorado General Assembly authorized <br />the CWCB to loan to the BORROWER $504,000 for a term of 30 years for financing PROJECT costs. <br /> <br />K. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon <br />mutually agreeable terms and conditions, subject to the availability of funding for that purpose. <br /> <br />NOW 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 BORROWER <br />shall follow during the construction phase of the PROJECT. <br /> <br />a. The BORROWER 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 specifications <br />must be submitted to the CWCB staff for verification of compliance with the terms of this contract <br />prior to bid opening. Any modifications to the plans and specifications must be approved in <br />writing by the CWCB staff. <br /> <br />c. CWCB staff must be present at bid opening and must approve the award of the construction <br />contract. <br /> <br />d. 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 />e. The BORROWER must provide copies of executed construction contract documents consisting of <br />the advertisement for bid, contractor's proposal, construction contract, bid bond, performance <br />bond, payment bond, notice of award, notice to proceed, sample change order, and sample field <br />order. After CWCB staff verifies that these documents comply with the terms of this contract, <br />BORROWER may issue the notice to proceed to the CONSTRUCTION FIRMS. <br /> <br />f. The BORROWER shall conduct a pre-construction conference at which time the CWCB staff shall <br />have the opportunity to review and approve the construction schedule. <br /> <br />g. If the CWCB staff determines that the PROJECT requires a resident inspector during construction, <br />the BORROWER shall employ an inspector who has been approved by the CWCB staff. <br /> <br />h. The BORROWER shall construct the PROJECT in accordance with the approved plans and <br />specifications. <br /> <br />Town of Morrison <br /> <br />Page 2 of 13 <br />