PROJ00289

• Contract/PO #: C153597
• Contractor Name: Windsor Reservoir and Canal Company
• Contract Type: Loan
• Water District: 3
• County: Larimer
• Bill Number: HB 91-1006
• Loan Projects - Doc Type: Contract Documents

.. .~... W]TERMK&PE('
Douglas Dam

9~1866

DU',' '10:-.' r OR ALI:.r..;C\" ~L'.\tBl:.R
PDA

$7$2,000

PROJECT
CONTRACT
and Promissory Note
THIS CONTRACT. made Ihi..~q aday of /20 ~"""I:d 19 9-1-. by and belween lhe
Slate of Colorado for the use and benefit of Ihe Oeparlmen of 1 Natural Resources
(Colorado Water Conservation BOard),
hereinafter rtferred 10 as Ihe Slale. and '2 The Windsor Reservoir and Canal Comoanv,
p, O. Box 206, Eaton, CO 80615,
~rejnafler referred 10 as Ihe COnlraClor /Contractor or Borrower.

WHEREAS. authority exists in Ihe Law and Funds have been budgeted, appropriah:d and o{ht'rwi~e made
nailable and a sufficient unen~umbered balance thereof remains a...ailable for paymenl in fund i\umher 462 .
Approp. 004, Org. Unit YYYY, Program WTRC, Contract Encumbrance No. (' 1 ~ '3 ~.,q 7;
and

WHEREAS. re4uired appro.....1. c1earano.:e ;Ind coordinalion has been accomplished from and wilh appropriale
agcncin: and

WHEREA~, pursuant to the provisions of 37-60-119 and
37-60-120, Colorado Revised statutes, the state is authorized to
loan money for the construction of water projects for the
benefit of the people of the State provided that the Contractor
assures repayment of that money; and

WHEREAS, the Contractor is a duly constituted reservoir and
canal company, incorporated in the State of Colorado, and it
wishes to rehabilitate its Douglas Dam facilities, hereinafter
sometimes called the project, for the benefit of the
stockholders of The Windsor Reservoir and Canal Company in
Larimer and Weld Counties, Colorado, at an estimated cost of
Seven Hundred Thousand Dollars ($700,000); and

WHEREAS, on October 24, 1990, the parties entered into a
feasibility report contract, attached hereto as Exhibit B. A
feasibility investigation of said project was conducted and the
State has determined that such a project is technically and
financially feasible; and

WHEREAS, on a~<..z- .:<9' ,_L~.<1L the State and the
Contractor entered int a termination contract, attached hereto
as Exhibit A, which terminated the Exhibit B feasibility report
contract previously entered into between the parties; and

WHEREAS, the termination contract provides that the
Contractor will repay to the State the principal amount of Nine
Thousand Dollars ($9,000) under the terms and conditions of that
Exhibit A termination contract in consideration of the State's
partial financing of the feasibility report for the project
pursuant to the Exhibit B feasibility report contract; and

WHEREAS, the State now desires by this project contract to
loan money for the construction of said project upon mutually
agreeable terms and conditions, subject to the availability of
funding for that purpose; and

WHEREAS, the State and the Contractor agree that the
repayment of the feasibility report funding shall be
consolidated with the repayment of the project construction
loan; and

WHEREAS, pursuant to the Contractor's corporate By-Laws, the
Contractor has authority to contract to borrow money provided
that a Resolution be duly passed by the Board of Directors and
to levy assessments assuring repayrnBnt of the state according to
the terms of the contract; and

WHEREAS, pursuant to section 1 of chapter 32, Session Laws
of Colorado 1987, as amended by H,B. 91-1006, the State has been

J95-5lO1-1014

Page I of -1.!. pages

...-... ---