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<br />. <br /> <br />. <br /> <br />", <br /> <br />obligation or contribution of the BORROWER, The parties expressly acknowledge and agree that <br />there is no cross-collateralization of security for repayment of the LOAN or the PARKS LOAN, or <br />joint or several repayment obligations associated with the LOAN or the PARKS LOAN. <br /> <br />6, Repayment Provisions. PARKS shall repay to the CWCB the principal sum of $1,700,000 and no <br />interest for a term of thirty (30) years. The principal shall be payable in 30 equal installments of <br />$56,666.70, with the first payment due and payable one year from the date that the CWCS <br />determines that the project is substantially complete, and annually thereafter until all principal has <br />been paid in full. One month prior to each payment due date, the CWCB shall provide a loan <br />payment request form to PARKS. PARKS shall submit the request form, on or before the annual <br />payment due date, to the State Treasurer to initiate the transfer of funds from the PARKS ACCOUNT <br />to the CWCB Construction Fund, <br /> <br />C. PROJECT PROVISIONS <br /> <br />1, Construction Fund Program Procedures. During the compietion of the PROJECT, the <br />BORROWER shall adhere to the following: <br /> <br />a. The BORROWER shall employ an engineer, registered in the state of Colorado to prepare plans <br />and specifications for the PROJECT, <br /> <br />b. The BORROWER'S and the Engineering Consultant's Agreements and the plans and <br />specifications must be submitted to the CWCB staff for verification of compliance with the <br />terms of this contract when available prior to bidding. 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 37-87- <br />105 C.RS., the BORROWER shall provide a letter of approval from the State Engineer's Office <br />prior to construction. <br /> <br />d. CWCB staff must be present at bidding and must approve the award of the construction <br />contract. <br /> <br />e. The BORROWER shall contract for the construction of the work with responsible and capable <br />Construction Firms, which said Construction Firms shall be selected by the BORROWER and <br />found acceptable by the CWeB staft, <br /> <br />f, The BORROWER must provide a copy of the executed construction contract documents <br />consisting of the contractor's proposal, construction contract, performance bond, payment <br />bond, notice of award, notice to proceed, sample change order, and sample field order, as <br />well as the advertisement for bid and bid bond at bidding. After the CWCB staff verifies that <br />these documents comply with the terms of this contract, the BORROWER may issue the notice <br />to proceed to the Construction Firms, <br /> <br />g. 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 />h. 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 CWCB <br />staff, <br /> <br />i. The BORROWER shall construct the PROJECT in accordance with the approved plans and <br />specifications. <br /> <br />j. Upon completion of the PROJECT construction, the BORROWER shall provide as-built drawings <br />of the PROJECTto the CWCB staff, or, if required by 937-87-105, C.R.S" the BORROWER shall <br /> <br />Page 6 of 12 <br />