C153333 PIF

• Contract/PO #: C153333
• Contractor Name: Beaver Park Water, Inc.
• Contract Type: Loan
• Loan Projects - Doc Type: Repayment Information

Meridian, with a length of 4,000 feet of concrete ditch with two-foot
width and 2h foot depth.
3. Permit periodic inspection of construction by the authorized representa-
tives of the State during construction and permit the State to review and approve
or disapprove any contracts for the construction of the project or the performance
of work pursuant to such contracts or subcontracts.
4. Without expense to the State, manage, operate, and maintain the project
system continuously in an efficient and economical manner, and assume all legal
liability for such management, operation, and maintenance.
5. Make the services of said project available within its capacity to all
persons in the Contractor's service area without discrimination as to race, color,
religion, or natural origin at reasonable charges, including assessments, taxes,
or fees in accordance with a schedule of such charges, whether for one or more
classes of service, formally adopted by the Contractor through its board of
directors, as may be modified from time to time by the Contractor. The intital
rate schedule must be approved by the State. Thereafter, the Contractor may make
such modifications to the rate schedule as the Contractor deems necessary to
efficiently and economically provide for the financial requirements of the system
as long as the rate schedule remains reasonable and non-discriminatory, and subject
to the approval by the State.
6. Adjust its operating costs and service charges from time to time to provide
for adequate operation and maintenance, emergency repair services, obsolescence
reserves, and debt reserves.
7. Expand the system from time to time to meet reasonable growth or service
requirements in the area within its jurisdiction.
8. Provide the State with such periodic reports as it may require and permit
periodic inspections of its operations and accounts by a designated representative
of the State. The Colorado Water Conservation Board, its agents, and employees,
is hereby designated as the agent of the State for the purposes of this contract.
9. To purchase from the State all of the State` ' e, and interest
in said project and any facilities thereof at a to h ;•rw e of Six Hundred
Five Thousand Six Hundred Forty Dollars ($605,640) payab • , . ' y (40) annual
installments of Fifteen Thousand One Hundred •r y-Ine Dollars ($15,141) each,
which first installment shall be due and pays. : Seg.. - r 1 and yearly
thereafter until the entire principal sum sh y+ .e b. - i
Sa installment
payment shall be made payable to the Colorado Water C• er • 13. ..A payable
at the offices of said Board in Denver, Colorado.
10. Upon default in the payments herein set forth to be made by the Contractor,
or in the performance of any covenant or agreement contained herein, the State, at
its option, may (a) declare the entire principal amount then outstanding immediately
due and payable; (b) for the account of the Contractor incur and pay reasonable
expenses for repair, maintenance, and operation of the irrigation system herein
described and such other reasonable expenses as may be necessary to cure the cause
of default; and/or (c) take possession of the system, repair, maintain, and operate
or lease it. The provisions of this contract may be enforced by the State, at its
option without regard to prior waivers by it of previous defaults by the Contractor,
through judicial proceedings to require specific performance of this contract or by
such other proceedings in law or equity as may be deemed necessary by the State to
insure compliance with provisions of this contract and the laws and regulations under
which this contract is made.
B. The State agrees that it will:
1. Make available to i.iie Contractor for the purpose of this contract the sum
of Three Hundred Fifty Thousand Dollars ($350,000) . Said Three Hundred Fifty Thousand
Dollars ($350,000) shall be made available to the Contractor in accordance with the
following terms, schedule and conditions.
(a) Beginning with the monthly period commencing September 15, 1980
and for every month thereafter until said project has been completed
the Contractor shall prepare with the consulting engineer's help an
estimate of the funds required from the State for project construction
during that month and shall forward said estimate to the State not less
than fifteen (15) days prior to the beginning of such month.
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