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<br />/' <br /> <br />.tlF'S.-.....'....<>n <br /> <br />Meadow Creek Dam <br /> <br />( : <br />-' <br /> <br />Ul-.l'^~;' 'tl::N r OK ALl::N(''': :'WMBl-..R--' <br />I ' ' <br />'""i 34-04-00 <br />CONTRACT ROUm<ll; NlIMDfR <br />/ <br />$200,000 /(d 0 <br />/fk9/- I <br /> <br />PROJECT <br />CONTRACT <br />_nnd Promisso <br />THIS CONTRACT. made- this ::?7...f!J-day of <br />Stale of Colorado for the U!ie and henefit of lile lkparlm of <br />(Colorado Water Conservation Board , <br />hereinafter "ferred 10 as the Slale. :lnd '2 the r1ichiqan Rlver water <br />District. P. O. Rox 1100. Walden. CO B0480, <br />htrC'inafrer refrrrrd 10 as the contractor /Contractor or Borrower. <br /> <br /> <br />19 90. bv and between the <br />Natural Resources <br /> <br />Conservancy <br /> <br />WHEREAS. authority C'll:ish in the Law and Funds have been budgeled, appropriated and otherwi~e made <br />IIvailable' and a ..urricienl unenl;'umberrd balance thereof remains available for paymenl in Fund ~umher 400R <br />G/l ACcnunl Number 53 40X. (OIlII...C. Encumbrance NumberC-1535 7 ~ ~nd <br />ABL Account No. .ill.2.9-' Org. Unit 77-77-777, <br />WHEREAS. retluircd appruvlIl. c1e~rant,:e nnd coordination ha~ been accOlT1plished from and .....ilh.appnll1riale <br />lIgencies: and <br /> <br />WHEREAS. the 5tate entered into a contract with the <br />MiChigan River Water Conservancy District on February 1. 1981. <br />to loan that entity One Million Dollars ($1.000.000) for the <br />construction of tpe Meadow Creek Dam and appurtenant <br />structures. herei~afte( called the project: and <br /> <br />WHEREAS. unfo~eseen costs BrOse during the construction of <br />the project and tue State entered into a second contract on <br />JUly 1. 1981, to toan an additional Ninety-TWO Thousand Dollars <br />($92.000) to the Contractor for the completion of the project: <br />and <br /> <br />WHEREAS. construction of the project was completed in 1981. <br />and the Contractoi began repaying both loans and said <br />repayments were mBde through 1988. reSUlting in an unpaid <br />principal amount of Nine Hundred Three Thousand Two Hundred <br />Dollars ($903,200) for both loans: and <br /> <br />WHEREAS. in 1989. the principal water user. MiChigan River <br />Ventures. could not make its annual water assessment payment to <br />the Contractor which was in the amount of One Hundred Three <br />Thousand Four Hundred Eighty-Eight Dollars ($103.488): and <br /> <br />WHEREAS. without the receipt of the MiChigan River Ventures <br />payment. the Contractor could not make its 1989 loan payments <br />to the State and it therefore requested a determent of said <br />payments for one (1) year; and <br /> <br />WHEREAS. the state granted the one-year deferment on the <br />1989 payment but the Contractor still could not meet all of its <br />loan commitments in 1990: and <br /> <br />WHEREAS. enabling legiSlation has been passed. Senate Bill <br />90-41. to alleviate this problem by allowing the State to <br />renegotiate the existing loans and to loan an additional Two <br />Hundred Thousand Dollars ($ZOO.OOO) to the Contractor: and <br /> <br />WHEREAS. on 7 .~. the State and the <br />Contractor entered ~[mination contracts. attached hereto <br />as Exhibits A and B. wh ch terminated the two existing <br />construction loan contracts; and <br /> <br />WHEREAS. the termination contracts provide that the <br />Contr'actor will repay to the State the principal amounts of <br />One Million Dollar~ ($1.000.000) and Ninety-TWO Thousand <br />Dollars ($92.000). 'respectively. under the terms and conditions <br />of Exhibits A and V. r~spectively; and <br /> <br /> <br />2549E* <br /> <br />J9H)Q1-1Q'14 <br /> <br />Pai!(' I or -2- pai!~s <br />