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i <br /> . F <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 a majority vote of the <br /> Board of. Directors and to levy assessments assuring repayment <br /> of the State according to the t.errris of the contract; and <br /> WHEREAS, pursuant to section 1 of chapter 32 , Session Laws <br /> of Colorado 1987 , as amended by Senate Bill 30, Fifty-Sixth <br /> General Assembly, the State has been authorized to loan up to <br /> Three Hundred Thousand Dollars ($300, 000) for construction of <br /> the project , including the cost of the feasibility report . <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 <br /> as follows : <br /> A. The State and the Fruitland Mesa Water Conservancy District <br /> have previously entered into a termination contract, attached <br /> hereto as Exhibit A, and a feasibility report contract, <br /> attached hereto as Exhibit B. Exhibits A and B are <br /> incorporated by reference herein. The Contractor ' s Articles of <br /> Incorporation and Corporate By-Laws are also incorporated by <br /> reference herein. <br /> B. The Contractor agrees that it shall : <br /> 1 . Assume the obligations of the Fruitland Mesa Water <br /> Conservancy District as detailed in the attached Termination <br /> Contract (Exhibit A) . <br /> 2 . 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 /> 3 . Contract for the construction of said project to a <br /> responsible and capable firm or firms (hereinafter referred to <br /> as Construction Firm or Firms) , which Construction Firms shall <br /> be selected by the Contractor through competitive public <br /> bidding. The State must approve in ' t ' ng a 1 contracts <br /> before they can become effective. <br /> 4 . Cause construction of the pr: <br />