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<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. For plans and specifications for all jurisdictional dams and reservoirs, as defined by section <br />37-87-105, C.R.S. (1998), the BORROWER shall provide a letter of approval from the State <br />Engineer's Office prior to construction. <br /> <br />d. CWCB staff must be present at bid opening 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 />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 />f. 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 bon <br />err ,', 0 Ice 0 proceed, and sample change <br />order. After the CWCB staff verifies that these documents comply with the terms of this <br />contract, the BORROWE8 may issue the notice to proceed to the CONSTRUCT/ON 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 PROJECT to the CWCB staff, and, if required by section 37-87-105, C.R.S. (1998), the <br />BORROWER shall provide the same drawings to the State Engineer's Office for approval and <br />filing. <br /> <br />k. Upon completion of the PROJECT construction, the BoRROWER shall arrange a final inspection <br />for 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 />performance of aU of its obligations under this contract. Therefore, the BORROWER shall complete <br />the PROJECT within four (4) years from the date of this contract, unless prevented from doing so <br />by circumstances that may occur beyond the control of the BORROWER. The time for completion <br />of the PROJECT may be extended subject to the approval of the STATE. The BORROWER must <br />provide, in writing, documented justification for any request for extension sixty (60) days prior to <br />the end of the period for completion. The State will provide to the Borrower within thirty (30) days <br />following receipt of the Borrower's request, a letter of approval or denial of the request for <br />extension of time lor completion. <br /> <br />The Consolidated Mutual Water Company <br /> <br />Page 2 of11 <br /> <br />Loan Contra~t <br />