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1. The RIVER DISTRICT s-hall -not be required to construct the PROJECT if one of the <br />following events occur: - <br />a. The RIVER- DISTRICT, City of Craig, and the Yampa Participants (Public <br />Service Company of Colorado (d/b/a/ Xcel Energy), -Platte Riv-er Power <br />Authority, Salt River Projec# Agricultural Improvement and Power District, Tri- <br />State Generation and Transmission Association, Inc., and Pacificorp) do not <br />execute the Amended and ~ Restated Agreement concerning Elkhead <br />Reservoir operations. - <br />b. An acceptable construction contractor is not willing to p{ace a bid at- an <br />acceptable price and enter -into an acceptable construction contract. - An <br />acceptable bid at an acceptable price shall be deemed to include a bid within <br />fve (5) percent of the current estimated Reservoir Enlargement -Cost of <br />_ Construction. - (For a Reservoir Enlargement Cost of Construction up to <br />$21,523,726 and a Recovery Program Obligation up to $9,159,032). <br />c. The necessary permits from local, state and/or federal agencies cannot be <br />obtained. - <br />d. Any of the following agreements is terminated or otherwise substantially in <br />default: the grant Agreement; the Reservoir Enlargement Agreement; the <br />1 ntergovemmental Agreement between "the City of Craig -and the RIVER <br />DISTRICT dated February 1, 2002 (creating a joint venture between the River <br />District and the City of Craig for the construction of the Elkhead Reservoir <br />Enlargement); the Intergovernmental Agreement between the River District <br />and the City _of Craig; dated August 6, 2003- (setting forth the Agreement of <br />-the River District and the City of Craig related to the construction, operation, <br />and maintenance of the Elkhead- -Reservoir Enlargement); the Memorandum <br />of Understanding between the Colorado Division of Wildlife, the City of Craig <br />and the RIVER -DISTRICT dated -August 6, 2003 {granting -the River District <br />the right to interfere with certain interests owned by the Division in order to <br />construct an enlargement of -the existing Elkhead Reservoir); and the <br />Amended and Restated Agreement between the 1~fVER DISTRICT, -City of <br />G-raig and the Yampa Participants. - - - <br />2. The STATE shall- not be required to fund the disbursements contemplated in Section <br />4 of the Project Summary attached hereto, if prior to the- initiation ~f construction of <br />_ the PROJECT, the STATE, after consultation with the Recovery Program, <br />reasonably concludes that -the agreements -referenced in A.1.d -above do not further <br />. - the goals and- objectives of the -Recovery Program. In the event that the STATE <br />- - exercises-the contingency in this paragraph, the RIVER -DISTRICT shall b-e required <br />- to return to the =STATE any unexpended funds disbursed pursuant to Section 4. of <br />the Project Summary, but shat! not be required to reimburse any funds previously - <br />- expended on the PROJECT. Any -such funds returned by the River District to the _ <br />- State shall be deposited into -the Species Conservation Tnast -Fund. All funds <br />5 <br />