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10. In fulfillment of the BQ~, J's recommendations made at the Jar'Ud')' 25, 1995, meeting, the TOWN has conducted a feasibility study to evaluate a raw water reservoir, and wherein said PROJECT was determined to be financially and technically feasible, and there is adequate water supply for the PROJECT; and 11. Pursuant to Chapter 254, Section 1, Colorado Session Laws, 1993 (House Bill 93.1273), the Colorado General Assembly authorized CWCB to loan to the TOWN an amount not to exceed Three Hundred Twenty Thousand Dollars ($320,000l fr-r a term of twenty (20) years for the construction of the PROJECT; and 12. The STATE understands that the repayment Of the funds loaned, including interest thereon, will come from revenues pledged for the repayment thereof from water user charges or fees and that this obligation does not constitute a debt of the BORROWER or the TOWN within the meaning of any constitutional or statutory limitations; and 13. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon mutually agreeable terms and conditions, Subject to the availability of funding for that purpose. NOW THEREFORE, it is hereby agreed that: A, The BORROWER and TOWN agree as follows: 1. Construction Fund Program procedures. The fOllowing items are procedures the BORROWER will follow during the construction phase of the PROJECT. a. Plans and specifications. The BORROWER shall employ an engineering firm, hereinafter referred to as the CONSULTANT, registered in the state of Colorado, to prepare PROJECT plans and specifications. The CONSULTANT, the BORROWER/CONSULTANT agreement, and the PROJECT plans and specifications must be approved in writing by the STATE. Plans and specifications for this dam and reservoir must be approved by the State Engineer's office if it f<llls under the requirements of ~37.87'105, CRS (1990l. b. Bidding. CWCB staff must approve bidding for the PROJECT. BORROWER may prepare the notice of award and the notic" to proceed with construction; however, both notices must be approved by the CWCB staff before they are issued. The BORROWER shall conduct a pre-construction conference and the CWCB staff will have the opportunity to review and approve the construction schedule. c. Performance of work. The BORROWER shall contract for the construction of the work with responsible and capable firms (hereinafter referred to as CONSTRUCTION FIRMS), which CONSTRUCTION FIRMS shall be selected by the BORROWER and found acceptable by the STATE before work under this contract begins, or BORROWER shall perform the work under the direct supervision of a registered professional engineer. d. As-built drawings. Upon completion of tHe PROJECT, the BORROWER will provide as-built drawings of dams and reservoirs to the CWCB staff and State Engineer's office for approval and filing. 2. Time for PROJECT completion. The BORROWER shall commence with the construction of the PROJECT as soon as practicable after meeting necessary preconstruction requirements of this contract to effect completion within two (2) years of the date of this contract. The PROJECT shall be constructed in accordance with the PROJECT plans and specificationS and any modification(s) thereof approved by the STATE. This time for completion may be extended by the STATE if such time is insufficient due to circumstances beyond the control of the BORROWER. The BORROWER must provide a written request of extension sixty (60) days prior to the end of the period for completion. The BORROWER further recognizes that time is of the essence in the performance of itS obligations under this contract. 3. Indemnification of the STATE. The BORROWER shall require all CONSTRUCTION FIRMS and their subcontractors to indemnify tne STATE and the BORROWER against all liability and loss, and against all claims and actions based upon or arising out of damage or injury, including death, to persons or property, caused by any acts or omissions of those parties or sustained in connection with the performance of any contract related to the PROJECT or by conditions created thereby, or based upon a violation of any statute, ordinance, or regulation, and the defense of any such Claims or actions. NORWOOD WATER COMMISSION 8. TOWN OF NORWOOD Page 2 of 11 Pages lOAN CONTRACT