PROJ00124

• Contract/PO #: C153394
• Contractor Name: Wellington, Town of
• Contract Type: Loan
• Water District: 1
• County: Larimer
• Bill Number: SB 81-439
• Loan Projects - Doc Type: Feasibility Study

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PROPOSAL FOR
[X)folLS'i'IC PAI'l \'ll\TG' SEP\1ICE

TO:

North Poudrc Irrj'j<ltion Ccr1pany

F~l:

'I'cMn of \'lcllington

.
.

TEPMS OF AGHEE'lFNT

In accordance with our fX..oeting of Hay 26, 1982, ~ hereby propJse to
purchase water fran the North Poudre Irrigation Corrpany under the foll~ing
terms :

1. The 'I'cMn of \'1ellington will return its existing 53 shares of North
Poudre Stock to the Irrigation Carpany.

2. The Irriqation Carpany in exchange for the stock agrees to deliver to
the Town at the North Poudre Reservoir No.3, 231 acre feet of water
annually in perpetuity.

3. The Town will pay the Irrigation Carpany a, annual arrount equal to the
armual assessrrent per share multiplied by the 53 shares transferred to
the Irrigation Carpany.

4. For all water used in excess of the 231 acre feet the 'I'cMn will pay
the Irrigation Calpany on the basis of an agreed to charge per 1000
gallons used. The charge per 1000 gallons shall be detennined by the
foll~ing fornula:

Charge per ~ Cost per share X Interest rate + Annual assessrrent/share
1000 gal. 5.86 A.F./share X 326 Thousand gal. per A.F.

The cost per share shall be the average sale price per share during
the previous twelve nonth period as detennined fran records of all
stock transfers maintained by the Irrigation Carpany.

The interest rate shall be the average interest rate exclusive of any
point charges or other fees as determined fran the records of the
Federal Land Bank Association.
-HI-
The charge per 1000 gallons shall be detennined( armuall~ and shall
remain in effect for the follOW'ing fiscal year CCIlIlEncing Nc:lveIIDer 1st
through O:tober 31st to coincide with the Irrigation Carpany.

5. The term.s of this agreerrent shall remain in effect in perpetuity,
however, the ll'aXimum arrount of water which the To,.m can draw fran the
North Poudre system shall be 2,000 acre feet per year. The 2,000 acre
foot ll'aXimum could he excluded ~hrough mutual negotiation between the
Irrigation Company and the ~~.