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CONTRACTOR: GROUNDWATER APPROPRIATORS Agency Name: Water Conservation Board <br /> OF THE SOUTH PLATTE Agency Number PDA <br /> • Contract No. 8 Routing Number 04 PDA 6 <br /> Contract Amount unt$91$91,824 <br /> CONTRACT <br /> THIS CONTRACT, made this December 15, 2003, by and between the State of <br /> Colorado for the use and benefit of the Department of Natural Resources, Colorado <br /> Water Conservation Board, ("CWCB" or "State"), and, Groundwater Appropriators of <br /> the South Platte River Basin, Inc., a Colorado nonprofit corporation ("Contractor"). <br /> FACTUAL RECITALS <br /> 1. Authority exists in the law, and funds have been budgeted, appropriated and <br /> otherwise made available and a sufficient unencumbered balance thereof remains <br /> available for payment as follows: Fund Number 424, Organization YYYY, <br /> Appropriation Code AED, GBL G158, Program WTRC, Object Code 5781, Contract <br /> Encumbrance No. C150158. <br /> 2. Required approval, clearance, and coordination have been accomplished from and <br /> with appropriate agencies. <br /> 3. CWCB's authority for making this expenditure: Senate Bill 02S-001 authorizes the <br /> CWCB to make loans and grants to agricultural organizations for emergency <br /> • drought-related water augmentation purposes from the CWCB Severance Tax <br /> Trust Fund Perpetual Base Account, based on recommendations from the Director <br /> of the CWCB and the State Engineer. Such loans or grants may only be made if, <br /> pursuant to state or federal law, any portion of Colorado has received emergency <br /> drought designation or a disaster emergency been proclaimed due to drought. <br /> 4. Based on a recommendation and approval dated November 14, 2003, from the <br /> Director of the CWCB and the State Engineer, a grant has been approved for the <br /> CONTRACTOR in the amount of $91,824 for purchase of emergency drought-related <br /> water for augmentation purposes ("PROJECT"), attached hereto as Appendix A and <br /> incorporated herein, for which funds under this contract will be expended. <br /> NOW THEREFORE, in consideration of the mutual and dependent covenants <br /> contained herein, the parties agree as follows: <br /> A. Time of performance. The CONTRACTOR recognizes that time is of the essence in <br /> the performance of its obligations under this contract. Therefore, the CONTRACTOR <br /> shall be responsible for the completion of the PROJECT within 6 months of the <br /> effective date of this contract. <br /> B. Disbursement of funds. The CWCB shall disburse funds in the amount up to <br /> $91,824 to the CONTRACTOR to pay for the costs associated with the PROJECT in the <br /> following mariner: <br /> a. Request for funds for augmentation water transaction. Within 30 working days <br /> Page 1 of 5 <br />