PROJ01979

• Contract/PO #: C150201
• Contractor Name: Carpenter and Mitchell Ditch Company
• Contract Type: Loan
• Water District: 71
• County: Montezuma
• Loan Projects - Doc Type: Contract Documents

This docu ``"'`--
into the ment i~ incorporated
confract b~ referenc~.
Funding Agreement
This Agreement is made this~~iay of 2005, between The Carpenter
and Mitchell Ditch Company (the Compan , a Colorado corporation, and the
undersigned members o# the Company, (the Funding Members).
Whereas, The Bylaws of the Company require that "The Company may not
undertake additions and/or improvements to the Ditch without approvai in advance
by the Membership. The Membership shall be presented with a written resolution
defining the addition and/or improvement to be voted on and also presented with a
Funding Agreement signed by the Member or Members that agree to pay for the
addition and/or improvemen#, if approved by the Membership. The Funding
Agreement shall set forth details of the proposed work, the estimated cost of the
work, the method for sharing the cost, including any overruns that may occur, and
the proposed schedule for conduct of the work by the Company", and
Whereas, The Natural Resource Conservation Service of the US Department of
Agricu~ture has included the Ditch in the Mancos Valley Salinity Control Project and
the Company and NRCS have entered into a Conservation Program
Application/Contract (the Contract) under which the Company could become
eligible for funding and other assistance to upgrade the Ditch to a pipeline, and
Whereas, The undersigned Funding Members desire that the Company accept the
NRCS proposal for the pipeline to be installed in the Ditch for delivery of irrigation
water to the Members of the Company and receive the design assistance and
75% co-funding offered by NRCS, and
Whereas, The Colorado Water Conservation Board (the CWCB) has committed to
make a(oan to the Company to finance the Company's share of cost for the
pipeline to be instafled by the Company, and
Whereas, The Funding Members desire that the Company accept the loan #rom the
CWCB to finance the Company's share of the pipeline cost.
Now, therefore, in consideration of the mutual covenants contained herein, the
Company and the below signed Funding Members agree as follows:
The Add'rtionsllmprovements to the Ditch- The Additions/Improvements proposed for
the Ditch are the installation of the pipeline and related appurtenances and
improvements defined in the Contract, which is attached hereto as Exhibit A and
made a part of this Agreement, including the details of the proposed work, the