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<br />6. STATE May Release Contract. In its sole discretion, the STATE may at any time give any consent, <br />deferment, subordination, release, satisfaction, or termination of any or all of the BORROWER'S <br />obligations under this contract, with valuable consideration, upon such terms and conditions as the <br />STATE may determine to be advisable to further the purposes of this contract or to protect the STATE'S <br />financial interest therein, and consistent with bl:Jth the statutory purposes of this contract and the <br />limitations of the statutory authority under which it is made. <br /> <br />7. Captions. The captions and headings contained in this contract are for convenience and reference <br />only and shall not be construed so as to define or limit the terms or provisions contracted herein. <br /> <br />8. Waiver. The waiver of any breach of a term of this contract shall not be construed as a waiver of any <br />other term, or of any subsequent breach of the Siilme term. <br /> <br />9. Addresses for mailing. All notices, correspondence, or other documents required by this contract <br />shall be delivered or mailed to the following addrE:lsses: <br /> <br />For the STATE: <br /> <br />Colorado Water Conservation Board <br />Alln: Construction Fund Section <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />For the BORROWER: <br /> <br />Arkansas Groundwater Users Association <br />100 West 1st <br />Manzanola, CO 81058 <br /> <br />D. SPECIAL PROVISIONS (6/97 version). These Special Provisions are required by Fiscal Rule 3-1 to be <br />used in every State contract, including grants. <br /> <br />CONTROLLER'S ApPROVAL <br /> <br />1. This contract shall not be deemed valid until it shall have been approved by the Controller of the <br />State of Colorado or such assistant as he may designate. This provision is applicable to any <br />contract involving the payment of money by the STATE. <br /> <br />FUND AVAILABILITY <br /> <br />2. Financial obligations of the State of Colorado payable after the current fiscal year are contingent <br />, upon funds for that purpose being appropriated, budgeted, and otherwise made available. <br /> <br />BOND REQUIREMENT <br />. <br />3. If this contract involves the payment of more than fifty thousand dollars for the construction, <br />erection, repair, maintenance, or improvement of any building, road, bridge, viaduct, tunnel, <br />excavation or other public work for this STATI:, the CONTRACTOR shall, before entering upon the <br />performance of any such work included in this contract, duly execute and deliver to the STATE <br />official who will sign the contract. a good and sufficient bond or other acceptable surety to be <br />approved by said official in a penal sum not less than one-half of the total amount payable by the <br />terms of this contract. Such bond shall be duly executed by a qualified corporate surety <br />conditioned upon the faithful performance of the contract and in addition, shall provide that if the <br />CONTRACTOR or his subcontractors fail to duly pay for any labor, materials, team hire, sustenance, <br />provisions, provendor or other supplies u$ed or consumed by such CONTRACTOR or his <br />subcontractor in performance of the work cOl1tracted to be done or fails to pay any person who <br />supplies rental machinery, tools, or equipment in the prosecution of the work the surety will pay the <br />same in an amount not exceeding the sum specified in the bond, together with interest at the rate <br />of eight per cent per annum. Unless such bond is executed, delivered and filed, no claim In favor of <br />the CONTRACTOR arising under such contract shall be audited, allowed or paid. A certified or <br /> <br />Arkansas Groundwater Users Association <br /> <br />Page 7 of 10 <br /> <br />Loan Contract <br />