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<br />\ll/PB <br /> <br />PROJECT <br />CONTRACT <br /> <br />34-04-00 <br />CONT. .T ROl1TIN(; NUMBER <br />3210 <br />$80,000 <br />11/~ 9'0 -;{ q 1/ <br /> <br />THIS CONTRACT. made this 8th day of Februarv <br />Slale of Colorado for Ihe Ul;C and benefil of the Deparlmenl of '1 <br />(Colorado Water Conservation Board) I <br />hereinafter r('[erred 10 as (he St8le. and '2 the Horrison Consolidated <br />10914 H19hwav 172, Ianacio. CO 81137t <br />hereinafter referred to liS the comraclor./Contractor. <br /> <br />199 fL.- . by and between the <br />Natural Resources <br /> <br />Ditch Company, <br /> <br />WHEREAS. authority uisls in the Law and Funds have heen budgeted. appropriated and otherwise made <br />,availahle and a sufficient unencumbered balance thereof remains f'ila~\~pr ,aymen, in Fund Number 4008 . <br />G/L Account Number Ii i66X. COlllraCI Encumbrance Number J<>.. ?: and <br />ABL Account ~o. 13660, Org. Unit 77-77-777, <br />WHEREAS. reLJuircd arrruvloIl. clearance und coordinatiun has been accomplished from and wilh appropriate <br />agencies: and <br /> <br />WHEREAS. pursuant to the provisions of 37-60-119 and <br />37-60-120. Colorado Revised Statutes. the State is authorized <br />to loan money for the construction of water projects for the <br />benefit Of the people of the State provided that the Contractor <br />assures repayment of that money; and <br /> <br />WHEREAS. the Contractor is a consolidated ditch ~ompany in <br />the State of Colorado and it wishes to rehabilitate lts <br />irrigation system "by installing a new concrete siphon. <br />hereinafter sometimes called the project., for the benefit of <br />the stockholders of the ditch company in La Plata County. <br />Colorado. at an estimated cost of Two Hundred Thousand Dollars <br />($200.000); and <br /> <br />WHEREAS. the State noW desires by this project contract to <br />loan money for the construction of said project upon mutually <br />agreeable terms and conditions. SUbject to the availability of <br />funding for that purpose: and <br /> <br />WHEREAS. pursuant to the Contractor's By-Laws. the <br />Contractor has author~ty to contract to borrow money provided <br />that a Resolution be duly passed by the stockholders in regular <br />or special meeting and to levy assessments assuring repayment <br />of the State according to the terms of the contract; and <br /> <br />WHEREAS. pursuant to section 1 of chapter 32. Session Laws <br />of Colorado 1987. as amended by Senate Bill ~5. Fifty-Sixth <br />General Assembly. the State has been authorized to loan up to <br />Eighty Thousand Dollars ($80.000) for construction of the <br />project. <br /> <br />WHEREAS. the Contractor or Borrower understands that this <br />Contract is also a promissory note for the repayment of funds <br />loaned to the Borrower according to the terms set forth herein, <br /> <br />NOW THEREFORE, in consideration of the mutual and <br />dependent covenants herein contained, it is agreed by the <br />parties hereto as follows: <br /> <br />A. The Contractor agrees that it shall: <br /> <br />1. Employ an engineering firm (hereinafter referred to as <br />the Consultant) to prepare proj'ect plans and specifications for <br />the project. Both the Consultant and the project plans and <br />specifications must be approved in writing by the State before <br />construction on the project can commence. For purposes of this <br />paragraph. IIconstructionll includes any real estate and water <br />rights acquisitions, <br /> <br />OSS3E* <br /> <br />395-:53{)1-1014 <br /> <br />Page I of.l.Q.. pages <br />