C153604 Contract

• Contract/PO #: C153604
• Contractor Name: Julesburg Irrigation District
• Contract Type: Loan
• Water District: 64
• County: Logan
• Bill Number: SB 86-27
• Loan Projects - Doc Type: Contract Documents

schedule as the Contractor deems necessary to efficiently and
economically provide for the financial requirements of the
system, including repayment of the State, as long as the rate
schedule remains reasonable and non-discriminatory.

9. Pursuant to Article 41 of Title 37 and Article 43 of
Title 37, CRS, adjust its operating costs and service charges
and levy assessments from time to time as necessary, upon
written notice from the state, to provide sufficient funds for
adequate operation and maintenance, emergency repair service~,
obsolescence reserves, and debt reserves, and to assure
repayment of the project loan to the state as provided herein.
Should the stockholders fail to set any assessment, the
Contractor shall establish an adequate assessment for purposes
of this contract pursuant to Article 41 of Title 37, CRS.

10. Pursuant to Article 41 of Title 37 and Article 43 of
Title 37, CRS, have its Board of Directors take all necessary
actions consistent therewith to adopt an order or a resolution
authorizing the Contractor to contract this loan debt, and
authorizing the President and the Secretary to pay the
indebtedness. Such orders shall be attached hereto as Exhibit C
and included herein. The Contractor, through a majority vote of
its Board of Directors, shall also authorize the warranty deed
security interest required by the State in paragraph D.14.
below. Such authorization shall be attached hereto and
incorporated herein as Exhibit D. The above conditions must be
performed by the Contractor prior to the state performance under
this contract.

11. Pursuant to Article 41 of Title 37 and Article 43 of
Title 37, CRS, through its Board of Directors, take all
necessary actions consistent therewith to levy assessments to
raise sufficient funds to pay this contract loan debt in a
timely manner and as required by the terms and conditions herein
to assure repayment of the project loan to the state. In the
event that the assessment(s) levied by the Contractor, or the
revenues resulting therefrom, are or become insufficient to
assure repayment of the State as required by the terms and
conditions herein, then the Contractor, upon written notice
thereof from the State, shall immediately take all necessary
action consistent with Article 41 of Title 37 and Article 43 of
Title 37, CRS, including but not limited to additional
assessments, to raise sufficient revenue to assure repayment of
the project loan to the state.

12. Provide the State with such periodic reports as the
State may require and permit periodic inspections of its
operations and accounts by a designated representative of the
state,

13. Repay to the state the total sum of Three Hundred
Twenty-Five Thousand Dollars ($325,000), which includes the
project loan amount and the Six-Thousand-Six-Hundred-Dollar
($6,600) feasibility report amount, together with interest at
the rate of five percent (5%) per annum, said repayment to be
made in constant annual installments of Eighteen Thousand Nine
Hundred Forty-One Dollars ($18,941) each, for forty (40) years,
as shown in Exhibit E, attached hereto and incorporated by
reference herein, which first installment shall be due and
payable on the first day of the month next succeeding the month
in which the State determines that the project has been
substantially completed, and yearly thereafter until the entire
principal sum and interest shall have been paid. Said
installment payments shall be made payable to the Colorado Water
Conservation Board, payable at the offices of said Board in
Denver, Colorado.

14. As security for the loan to be made to it by the state,

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