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s 1 � 3 � CONTRACTOR: LOGAN WELL USERS Contract No. C150181 Contract Amount $193,085 Agency Name: Water Conservation Board AgencyNumber PDA�I� P/�/� 1�dC�Ld Routing Number CONTRACT THIS CONTRACT, made this September 10, 2004, by and between the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board, ("CWCB" or " STATE "), and Logan Well Users, Inc., a Colorado nonprofit corporation (" CONTRACTOR "). NOW THEREFORE, in consideration of the mutual and dependent covenants contained herein, the parties agree as follows: A. Use of funds. The CoNrRacTOR has completed the PRO�ECT and shall use the funds disbursed under the contract solely to pay the costs of the PRO�ECT. B. Disbursement of funds. The CWCB shall disburse funds to the CoNTRacTOR to pay for the costs associated with the PRO�ECT in the following manner: FACTUAL RECITALS Authority exists in the law, and funds have been budgeted, appropriated and otherwise made available and a sufficient unencumbered balance thereof remains available for payment as follows: Fund Number 424, Organization YYYY, GBL L181, Appropriation Code AED, Program WTRC, Object Code 5781, Contract Encumbrance No. C150181. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. CWCB's authority for making this expenditure: Senate Bill 02S-001 authorizes the CWCB to make loans and grants to agricultural organizations for emergency drought- related water augmentation purposes from the CWCB Severance Tax Trust Fund Perpetual Base Account, based on recommendations from the Director of the CWCB, the State Engineer, the Commissioner of Agriculture and the Executive Director of the Department of Natural Resources. Such loans or grants may only be made if, pursuant to state or federal law, any portion of Colorado has received emergency drought designation or a disaster emergency been proclaimed due to drought. The project consists of augmentation water leased and delivered during 2003 in excess of normal years due to the drought (" PROJECT "), described in Contractor's letter dated March 29, 2004. The PRO�ECT was approved for funding, in accordance with the Agricultural Emergency Drought Response Grant Guidelines/Procedures dated September 2004, in the amount of $193,085 by the Director of the CWCB and the State Engineer on September 8, 2004, after consulting with the Commissioner of Agriculture and the Executive Director of the Department of Natural Resources. The Letter of Approval and Contractor's letter is attached hereto as Appendix 1. Page 1 of 5