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t"''/ PB <br />, "- 4errace Main and X1,650,000 <br />r laatosa Creek Canal DEPT. OR AGENCY NAME <br />P R O J E C T Water Conservation <br />_ CONTRACT DEPT. OR AGENCY NO. <br />and Promissory Dot PDA <br />e <br />ROUTING NO. q <br />THIS CONTRACT, made this 14th day of February ► - ► by and <br />between the State of Colorado for the use and benefit of the <br />Department of Natural Resources (Colorado Water Conservation" <br />Board, hereinafter referred to as the State, and The Terrace <br />Irrigation Company, 24050 County Road 10, La Jara, Colorado, 8114.0_, <br />hereinafter referred to as the Contractor /Contractor or Borrower. <br />WHEREAS, authority exists in the Law and Funds have been <br />budgeted, appropriated and otherwise made available and a <br />sufficient unencumbered balance thereof remains available for <br />payment in Fund Number 462, Appro. Code 002, Org. Unit YYYY, <br />Program WTRC, Contract Enc. No. 0 <br />I ,3(�O C2 and <br />WHEREAS, required approval, clearance and coordination has <br />been accomplished from and with appropriate agencies; and <br />WHEREAS, pursuant to the provisions of 37 -60 -119 and 37 -60- <br />120, Colorado Revised Statutes, the State is authorized to loan <br />money for the construction of water projects for the benefit of the <br />people of the State provided that the Contractor assures repayment <br />of that money; and <br />WHEREAS, the Contractor is a duly constituted irrigation <br />company incorporated in the State of Colorado and it wishes to <br />concrete line its water distribution canals, hereafter sometimes <br />called project, for the benefit of the stockholders of the Terrace <br />Irrigation Company in Conejos and Ri nties, Colorado, at <br />an estimated cost of One Million Six ty Thousand Dollars <br />($1,650,000); and TAM <br />WHEREAS, the State now des i b i. ct contract to <br />loan money for the construction s upon mutually <br />agreeable terms and conditions, subject to the availability of <br />funding for that purpose; and <br />WHEREAS, pursuant to the Contractor's By -Laws, the Contractor <br />has authority to contract to borrow money provided that a <br />Resolution be duly passed by a majority vote of the stockholders <br />and to levy assessments assuring repayment of the State according <br />to the terms of the contract; and <br />WHEREAS, pursuant to section 1 of chapter 32, Session Laws of <br />Colorado 1987, as amended by HB 91 -1006, the State has been <br />authorized to loan One Million Six Hundred Fifty Thousand Dollars <br />($1,650,000) for construction of the project. <br />WHEREAS, the Contractor or Borrower understands that this <br />Contract is also a promissory note for the repayment of funds <br />loaned to the Borrower according to the terms set forth herein. <br />NOW THEREFORE, in consideration of the mutual and dependent <br />covenants herein contained, it is agreed by the parties hereto as <br />follows: <br />A. The Contractor agrees that it shall: <br />1. Utilize the engineering staff of the U.S. Department of <br />Agriculture, Soil Conservation Service (Consultant), to prepare <br />project plans and specifications for the project. The project <br />plans and specifications must be approved in writing by the Sta ; -e <br />before construction on the project can commence. For Purposes of <br />this paragraph, "construction" includes any real estate and water - <br />rights acquisitions. <br />2. Contract for the construction of said project to a <br />Page 1 of 10 pages <br />r <br />