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<br />.........\ <br />,/', <br /> <br />" <br />DEPARTMENT, ',ENCY NAME <br />Uater'Conserva,ion Board <br />DEPARTMENT DR AGENCY NUMBER <br />PDA <br />ROUT I NG NUMBER Cl327l <br />$180,000 <br /> <br />Outside Irrigation <br />System <br />w/PB <br /> <br />PROJECT CONTRAcr AND PROMISSORY NOTE <br /> <br />THIS CONTRAcr, made this 01.7 ~ay of & b~-..J 1992, by and between the State of Colorado for the <br /> <br />use and benefit oC the Department of Natural ReSources <br /> <br /> <br />(Colorado Water Conservation Board) . <br /> <br /> <br />hereinafter reCerred to as the State, and the Town of Ianacio. <br /> <br /> <br />P. O. Box 459. Iqnacio. Colorado 81137. <br /> <br />hereinafter referred to as the contractor/Contractor or Borrower. <br /> <br />WHEREAS, authority exists in the Law and Funds have l)een budgeted. appropriated and otherwise made available and a sufficient <br />unencumbered balance thereof remains available Cor payment i.n Fund Number 424 Organization YYYY . Appropriation f t1 Y <br />Program WTRC. Object Code 5120 . Contract Encumbrance Number, (I 'S j b :)0; and <br /> <br />WHEREAS, required approval, clearance and coordination have been accomplished from and with appropriate agencies; and <br /> <br />WHEREAS, pursuant to the p~ovisions of sections 37-60-119 <br />and 37-60-120, Colorado Revise~ statutes, the state is <br />authorized to loan money for tne construction of water projects <br />for the benefit of the people of the state provided that the <br />Contractor assures repayment of that money; and <br /> <br />WHEREAS, the Contractor is a duly constituted statutory town <br />in the State of Colorado and it wishes to install an outside <br />irrigation system, hereinafter sometimes called the project, for <br />the benefit of the residents ot the Town of Ignacio in La Plata <br />County, Colorado, at an estimated cost of One Hundred Eighty <br />Thousand Dollars ($180,000); a~d <br /> <br />WHEREAS, the State now desires by this project contract to <br />loan money for the constructio~ of said project upon mutually <br />agreeable terms and conditions I subject to the availability of <br />funding for that purpose; and <br /> <br />WHEREAS, pursuant to Section 31-15-302, C.R.S. (1986), and <br />Article XI, Section 6 of the Colorado Constitution, the <br />Contractor has authority to co~tract to borrow money provided <br />that an Ordinance be duly passed by the Board of Trustees to <br />levy assessments assuring repayment of the State according to <br />the terms of the contract; and <br /> <br />Page 1 of 12 Pages <br />