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<br />~-. <br /> <br />8. The STATE has reviewed a feasibility study report on the PROJECT compiled by the DISTRICT in <br />cooperation with the Natural Resources Conservation Service (Glenwood Springs office) and <br />completed in January 2000, which is incorporated herein by reference, and, based upon the <br />feasibility report, the STATE determined the PROJECT to be technically and financially feasible. <br /> <br />9. At its January 2000 meeting, the CWCB approved a loan to the BORROWER in the amount of up <br />to $100,000, hereinafter referred to as the AUTHORIZED LOAN AMOUNT, from the Small Project <br />Loan Account of the CWCB Construction Fund, at an interest rate of 4% per annum for a term of <br />thirty (30) years, to finance 75% of PROJECT costs. The CWCB found that, under Section 37-60- <br />122.7, C.R.S. (1999), this loan qualifies as a Small Project loan because delay in completion of <br />the PROJECT would result in undue hardship on the DISTRICT and the BORROWER based upon <br />their potential inability to divert water in 2000 without the PROJECT. <br /> <br />10. The STATE acknowledges and understands that the repayment of the funds loaned, including <br />interest thereon, will come from revenues pledged for the repayment thereof from water system <br />revenues and that this obligation does not constitute a debt of the DISTRICT within the meaning of <br />any constitutional or statutory limitations. <br /> <br />11. 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, 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 <br />specifications must be submitted to the CWCB staff for verification of compliance with the <br />terms of this contract prior to bid opening. Any modifications to the plans and specifications <br />must be approved in 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 <br />consisting of the advertisement for bid, contractor's proposal, construction contract, bid bond, <br />performance bond, payment bond, notice of award, notice to proceed, sample change order, <br />and sample field order. After the CWCB staff verifies that these documents comply with the <br />terms of this contract, the BORROWER may issue the notice to proceed to the CONSTRUCTION <br />FIRMS. <br /> <br />f. The BORROWER shall conduct a pre-construction conference at which time the CWCB staff <br />shall have the opportunity to review and approve the construction schedule. <br /> <br />Silt Water Conservancy District Water Activity Enterprise and <br />Silt Water Conservancy District <br /> <br />Page 2 of 13 <br />