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4 <br /> - .• Form 6-AC-02A(R 5/851 DEP- 'TMENT OR AGENCY NUMBER <br /> WP 34-04-00 <br /> CONTRACT ROUTING NUMBER <br /> $65,000 <br /> PROJECT ,, is 9�- (// <br /> CONTRACT <br /> and Promis y Note <br /> THIS CONTRACT, made this day of, �,� 19 9.0 . by and between the <br /> State of Colorado for the use and benefit of the Department of '1 Natural Resources <br /> (Colorado Water Conservation Board) , <br /> hereinafter referred to as the State. and '2 Hiahline—Buzzard Ditch Company, Inc. , <br /> Route 1, Box B-42, Collbran, CO 81624 , <br /> hereinafter referred to as the contractor /Contractor or Borrower. <br /> WHEREAS, authority exists in the Law and Funds have been budgeted, app erwise made <br /> available and a sufficient unencumbered balance thereof remains available for ayme ' d 4 00 8 <br /> G/L Account Number 5 4 32X • Contract Encumbrance Number C 153 5' and <br /> ABL Account No. 14320 , Org. Unit 77-77-7 <br /> WHEREAS, required approval, clearance and coordination has been 3 ed ! ropriate <br /> agencies: and <br /> WHEREAS, pursuant to the provisions of 37-60-119 and <br /> 37-60-120. Colorado Revised Statutes, the State is authorized <br /> to loan money for the construction of water projects for the <br /> benefit of the people of the State provided that the Contractor <br /> assures repayment of that money; and <br /> WHEREAS. the Contractor is a duly constituted irrigation <br /> ditch company in the State of Colorado and it wishes to upgrade <br /> its ditch company delivery system, hereinafter sometimes called <br /> the project, for the benefit of its shareholders in Mesa <br /> County, Colorado, at an estimated cost of One Hundred Thirty <br /> Thousand Dollars ($130,000) ; and <br /> WHEREAS, the State now desires by this project contract to <br /> loan money for the construction of said project 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 <br /> Contractor has authority to contract to borrow money provided <br /> that a Resolution be duly passed by its Board of Directors and <br /> 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 <br /> of Colorado 1987, as amended by Senate Bill 41, Fifty-Sixth <br /> General Assembly, the State has been authorized to loan <br /> Sixty-Five Thousand Dollars ($65,000) for construction of the <br /> 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 <br /> dependent covenants herein contained, it is agreed by the <br /> parties hereto as follows : <br /> A. The Contractor agrees that it shall: <br /> 1. Employ an engineering firm (hereinafter referred to as <br /> the Consultant) to prepare project plans and specifications for <br /> the project. Both the Consultant and the project plans and <br /> specifications must be approved in writing by the State before <br /> construction on the project can commence. For purposes of this <br /> paragraph. "construction" includes any real estate and water <br /> rights acquisitions . <br /> 2. Contract for the construction of said project to a <br /> responsible and capable firm or firms (hereinafter referred to <br /> 2293E* <br /> 3953301.1014 Page I of 10 pages <br />