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iefe 7 Fwin 6-AC-02A(R 5/85)• I DF.P MEN I.OR AGENCY NUMBER . Onion Valley Dam 34-04-00 Gurley Reservoir CONTRACT ROUTING NUMBER EXHIBIT A No Encumbrance TERMINATION Terminates C-153487 CONTRACT THIS CONTRACT, made this day of 72'V24 1989 , by and between the State of Colorado for the use and benefit of the Department of Natural Resources (Colorado Water Conservation Board) , hereinafter referred to as the State, and •2 the Fruitland Tiesa Water Conservancy District, Route 1, Crawford, CO 81415 , hereinafter referred to as the contractor /Contractor. WHEREAS, authority exists in the Law and Funds have been budgeted, appropriated and otherwise made available and a sufficient unencumbered balance thereof remains available for payment in Fund Number N/A G/L Account Number N/A Contract Encumbrance Number N/A : and WHEREAS, required approval, clearance and coordination has been accomplished from and with appropriate agencies: and WHEREAS, the State and the Contractor entered into a contract on February 15, 1987 (Exhibit B) , which contract shall hereinafter be referred to as the "feasibility report contract, " in which the State agreed to pay the Contractor Three Thousand Dollars ($3 ,000) for the purpose of partially funding a feasibility report concerning the repairs of Onion Valley Dam and appurtenant structures ; and WHEREAS, the feasibility report contract provided in part the following terms : 5 . In consideration of the State assuming a portion of the cost of the preparation of the said project feasibility report, the Contractor shall pay to the State the sum of Three Thousand Eight Hundred Eighty-Five Dollars ($3 , 885) provided that construction of the subjegt7-water project is initiated within ten (10) years of the :d'ate of :this contract. The Contractor shall fu1f4414,thiS obl; .gation irrespective of how,.,or by whom, th'esubject water project is financed or , pa'd -for so long as construction is initiated w]!thin '41e- specified time. 6 . In the event the Contractor `n ist—rita$e payment pursuant to the terms of paragraph 5 . above, then the said sum of Three Thousand Eight Hundred Eighty-Five Dollars ($3 , 885) shall be payable in ten (10) equal installments of Three Hundred Eighty-Eight Dollars and Fifty Cents ($388 . 50) each, the first installment to be due and payable upon the January 1st next succeeding the initiation of construction on the said water project . Subsequent payments shall be due and payable on January 1st of each year thereafter. WHEREAS, the State and the Fruitland Irrigation Company intend to enter into a separate contract (hereinafter referred to as the "project contract" ) in which the State will loan the Fruitland Irrigation Company money for the purpose of repairing the Onion Valley Dam and appurtenant structures ; and WHEREAS, initiation of repairs to Onion Valley Dam and appurtenant structures will create an obligation on the part of the Contractor to make payments under the terms, specifically paragraph Nos . 5 . and 6 . , of the existing feasibility report contract; and WHEREAS, the parties agree that it would be mutually beneficial to terminate the Contractor ' s separate Three Thousand Dollar ($3 , 000) obligation under the feasibility report contract provided that the repayment of the Three Thousand Dollars ($3 ,000) , which represents the principal amount provided by the State for the purpose of partially funding the feasibility report regarding the repairs to the 39553411-1014 Page I of 4 pages 9570E EXHIBIT A (Project Contract)