C153357 PIF Contract - Laserfiche WebLink

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7. Provide the state with such periodic reports as it may require and permit periodic InspecLions of its operation and deeounLs by d designaLed represenLaLive of Lite SLaLe. The Colorado Water Conservation Board, i.Ls agents and employees, is hereby designated as the agent of the State for the purposes of this contract. 8. Purchase from the State all of the State's right, title, and interest in said project and any facilities thereof at d LoLdl purchase price of Six Hundred Six Thousand One Hundred Twelve Dollars ($606,112) payable in forty (40) annual Installments of Fifteen Thousand One Hundred Fifty -Two Dollars and Eighty Cents ($15,152.80) each, which first installment shall be due and payable on July 1, 1983, and yearly thereafter until the entire principal sum shall have been paid. Said annual installment payment shall be made payable to the Colorado Water Conservation Board. 9. Comply with Construction Fund Program Procedures attached hereto as Schedule A. B. Upon default in the payments herein set forth to be made by the Contractor, or in the performance of any convenant or agreement contained herein, the State, at Its option, may (a) declare the entire principal amount then outstanding immediately ett payable; (b) for the account of the Contractand pay reasonable expenses for repair, mae, d operation of the water system herein des n s other reasonable expenses as may be ne the cause of default; and /or (c) take posses e ystem, repair, maintain, and operate or 1 The provisions of this contract may be enforced t State, at its option, without regard to prio rs by it of previous defaults by the Contractor throu udicial proceedings to require specific performance of his contract or by such other proceedings In law or equity as may be deemed necessary by the State to Insure compliance with provisions of this contract and the laws and regulations under which this contract is made. C. The State agrees that it will: 1. Make available to the ContacLor for the purpose of this contract the sum of Two Hundred Sixty Thousand Dollars ($260,000). Said Two Hundred Sixty Thousand Dollars ($260,000) shall be made available to the Contractor in accordance with the following terms, schedule and conditions: (a) Beginning with the monthly period commencing August 1, 1981, and for every month thereafter until the project h-is been completed, the Contractor shall prepare an estimate of the funds required from the State for project construction during Lhat month and shall forward said estimates to the State not less than fifteen (15) days prior to the beginning of such munLh. (b) Upon receipt and approval by the State of such monthly estimate, the State will, within forty (40) days from the receipt of such esLi.maLe, pay over to the Contractor the amount of the monthly estimate or such portion thereof as has been approved by the State. 2. Assist the Contractor in such technical assistance as the State deems appropriate in constructing and operating the project and in coordinating the project with IOCdl Page 3 of 6 pales