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- ,/ , , LOAN CONlRACT Lower Arkansas Water Management Association feasibility Study ~,r""", "", ~ ~. .~~\ ",' "_;l):' NOW THEREFORE, it is hereby agreed that: That the captions and headings contained in this contract are for convenience and reference only and shall not be construed so as to define or limit the terms or provisions contracted here in. 1. (Borrower's consultant to Prepare Feasibility Report): The Borrower shall have a Feasibility Report prepared on The Project. The State has approved a proposal for the project Feasibility Report prepared by BOlTower's consulting engineer, Duane D. Helton, Helton and Williamsen, P,C. (the Consultant), This proposal is attached hereto as J Appendix A and made a part of this contract. 2. (Final Feasibility Report is due in one year): Three (3) copies of the final report of the Feasibility Study prepared in compliance with the Consultant's proposal, as set forth in Appendix A, shall be furnished to the State not later than one (1) year after the date of this contract, unless such time is extended by mutual agreement of the parties hereto in writing. 3. (The State will Loan the money to do the Feasibility Report): The State shall loan the Borrower the monies to pay for the services of the Borrower's Consultant to prepare the final report of the Feasibility Study. The State shall loan to the Borrower the sum of Shay-Five Thousand Dollars ($65,000) in the manner following: 3a. (Borrower submits statements of costs): Throughout the time of preparation of the Feasibility Study, the Borrower shall prepare, with the assistance of the Consultant referred to in paragraph 1. above, statements of the costs of the Feasibility Study, and shall forward said statements to the State. Said statements shall indicate task( s) upon which work has been performed, and the percentage completion of each task, by task number as specified in Appendix A. ' 3b. (State will pay 95% of each statement costs): Upon receipt and approval by the State of each such statement, the State will, wit~ thirty (30) days from the approval of such statement, pay over to the Borrower ninety five percent (95%) of the amount of the statement or such portion thereof as has been approved by the State. 3c. (State will pay 5% retainage when study is done): The remaining five percent (5%), Three Thousand Two Hundred and Fifty Dollars ($3,250) will be paid t? the Page 2 of 12 Pages - .