Elkhead Reservoir Final Acquisition Agreement

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Page 11 b. The River District's work plan shall be submitted to the Director, Colorado River Recovery Implementation Program on or before April 30 or within 45 days of the Director's request for submittal, v~~hichever is later; c. The Recovery Program Management Committee will reviev~~ the work plan between May 1 and August 31, and; d. The Director of the Recovery Program will approve the work plan on or before September 10. 2. In the event that the River District and the Recovery Program cannot agree on an OM&R budget and annual work plan for the Reservoir Enlargement, then the annual OM&R budget for the Reservoir Enlargement shall be equal to the budget for the prior year, plus five (5) percent. 3. The River District may request approval for additional funds from the Recovery Program in the event the River District's actual costs exceed the annual v~rork plan estimates. Except for emergency situations, the River District shall request additional funds from the Recovery Program prior to incumng expenditures. D. By March 1 of each year, the River District shall submit an itemized invoice showing the Reservoir's prior year's OM&R expenses paid by the River District. Reclamation, on behalf of the Recovery Program and the CWCB, agrees to pay the River District afro-Rata share of the prior year's Reservoir Enlargement OM&R expenses paid by the River District, approximately equal to 5,000/24,887' of the total Reservoir OM&R. Reclamation agrees to pay the amount due within ninety (90) days of receiving an invoice from the River District. 1. Payment to the River District shall be sent directly to a financial institution by Direct Deposit/Electronic Funds Transfer. E. The payment of charges becoming due as provided in paragraph IV.D. herein is a condition precedent to receiving benefits under this Reservoir Enlargement Agreement and the Acquisition Agreement. The River District shall not make water available to the CV~'CB, or the Recovery Program, through the Reservoir facilities during any period in v~~hich Reclamation is in arrears in the payment of OM&R expenses and until all funds due and owing for the current year (and past years, if any} are paid in full. If in the unlikely event the Recovery Program through Reclamation fails to pay OM&R amounts within ninety (90) days of receiving an invoice from the River District, the CWCB shall forfeit to the River District storage space capacity and associated water rights in the Reservoir Enlargement at a rate of one (1) acre foot for each $1,000 in arrears. Forfeiture shall be the exclusive remedy of the River District against the Recovery Program, I:°?00~'±Clients-.Ri~~er District3l-Elkhead-1028~_Agreement Reservoir Enlargement Agreement final.wpd Januar; 5, 2005