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<br />8. Pursuant to Senate tlill 97-008, Section 1, the Colorado General Assembly authorized the <br />CWCB to loan to the BORROWER an amount not to exceed $206,000 for the PROJECT. <br /> <br />9. The STATE now desires, by this contract, to loan money to the BORROWER for this <br />PROJECT upon mutually agreeable termS and conditions. <br /> <br />NOW THEREFORE, in consideration of the mutual and dependent covenants <br />contained, 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 <br />BORROWER shall follow during the construction phase of the PROJECT. <br /> <br />a. The BORROWER shall employ an engineer, registered in the State of Colorado, <br />hereinafter referred to as the CONSULTANT, to prepare plans and specifications for the <br />PROJECT. <br /> <br />b. The agreement between the BORROWER and the CONSULTANT and the plans and <br />specifications must be submitted to the CWCB staff for verification of compliance with <br />the terms of this contract prior to bid opening. Any modifications to the plans and <br />specifications must be approved in writing by the CWCB staff. <br /> <br />c. For plans and specifications for all jurisdictional dams and reservoirs, as defined by 9 <br />37-87-105 C.R.S. (1990), the BORROWER shall provide a letter of approval from the <br />State Engineer's Office prior to construction. <br /> <br />d. The BORROWER shall contract for tile construction of the work with responsible and <br />capable firms, hereinafter referred to as CONSTRUCTION FIRMS, which CONSTRUCTION <br />FIRMS shall be selected by the BORROWER and found acceptable by the CWCB staff <br />before work under this contract begins. <br /> <br />e. The BORROWER must provide a copy of the executed construction contract documents <br />consisting of the advertisement for bid, contractor's proposal, construction contract, <br />bid bond, performance bond, payrnent bond, notice of award, notice to proceed, <br />sample change order, and sample field order. After the CWCB staff verifies that these <br />documents comply with the terms of this contract, the BORROWER may issue the notice <br />to proceed to the CONSTRUCTION FIRMS. <br /> <br />f. The BORROWER shall conduct a pre-construction conference at which time the CWCB <br />staff shall 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 <br />construction, the BORROWER shall employ an inspector who has been approved by the <br />CWCB staff. <br /> <br />h. The BORROWER shall construct the PROJECT in accordance with the approved plans <br />and specifications. <br /> <br />i. Upon completion of the PROJECT construction, the BORROWER shall provide as-built <br />drawings of the PROJECT to the CWCB staff, and, if required by 937-87-105, C.R.S. <br />(1990), the BORROWER shall provide the same drawings to the State Engineer's Office <br />for approval and filing. <br /> <br />Pinon Mesa Ranches Community Association <br /> <br />Page 2 of 13 <br /> <br />Loan Contract <br />