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<br />---- <br />. . <br />.' <br /> <br />approximately $ 50 ,000, which is secured by the Borrower's pledge of revenues. A tits <br />November 22-23, 1999 meeting, the CWCB approved contracting with the Borrower and <br />taking a junior position to the USDA Loan on the Borrower's pledge of revenues. <br /> <br />10. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon <br />mutually agreeable terms and conditions. <br /> <br />THEREFORE, in consideration of the mutual and dependent covenants contained herein, the <br />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 a copy of the executed construction contract documents consisting <br />of 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 the CWCB staff verifies that these documents comply with the terms of this contract, <br />the 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 />i. Upon completion of the PROJECT construction, the BORROWER shall provide as-built drawings of <br />the PROJECT to the CWCB staff, and, if required by S 37-87-105, C.R.S. (1997), the BORROWER <br />shall provide the same drawings to the State Engineer's Office for approval and filing. <br /> <br />j. Upon completion of the PROJECT construction, the BORROWER shall arrange a final inspection for <br />the CWCB staff, CONSTRUCTION FIRM, and the CONSULTANT. <br /> <br />2. Time For PROJECT Completion. The BORROWER recognizes that time is of the essence in the <br /> <br />Pine River Canal Company <br /> <br />Page 2 of 12 <br /> <br />Loan Contract <br />