PROJ00316

• Contract/PO #: C153577
• Contractor Name: Michigan River Water Conservancy District
• Contract Type: Loan
• Water District: 47
• County: Jackson
• Bill Number: SB 90-41
• Loan Projects - Doc Type: Contract Documents

"

Filnn,'.AC{)lA (II. ~/lIjl

"AT~ACHMENT TO PROJECT
CONTRACT

ot....,\f( Nf IIR ALI::NC'{ ....,W.tBtR
34-04-00
CONTRACT ROl.'TlN(; NlIMBF.R
q I '~

TERMINATION No Encumbrance ,,/ ( I ~
CONTRACT Terminates Contract /t Ie I _/1-'0<
it ~ No. C - 153352
THIS CONTRACT. made- Ihis ;:;> fJ t day of I~~. by and between the
Stale of Colorado for the Ulte and henefif uf (fie Ueparlme'itl of "I Na tnra 1 Rf'!J'::Ollrr.f'!R
(Colorado Water Conservation Board)
hereinafter I'f'ferred 10 as rhe Slale. ;md '2 the Michiqan River Water Conservancy
District, P.O. Box 37, Walden, CO 80480
hereinafter referred 10 as (he contractor /Contractor.

EXHIBIT B

WHEREAS. IUlhorily ellisb in the Law and funds have been budge led. appropriated and otherwise made
avail.;Ible and a 5uHicienl unencumbered balance thereof remains anilable for paVmenl in Fund Numher N / A
GJL Account Number N / A . Conlract Encumbrance Number N / A : a"nd

WHEREAS. relJuired approval. clearance and coordination has been accomplished from and wilh appropriate
agencies: and

WHEREAS. the State and the Contractor entered into a
contract on July 1. 1981 (C-153352), which contract shall
hereinafter be referred to as the "#2 construction contract,"
in which the State agreed to pay the Contractor Ninety-Two
Thousand Dollars ($92.000) for the purpose of constructing the
Meadow Creek Dam project. hereinafter referred to as the
project; and

WHEREAS, construction of the project was completed in 1981
and the Contractor dutifully paid the annual repayment amounts
specified in the #2 construction contract through 1988. which
repayments reduced the contractor's unpaid principal amount to
Seventy-Eight Thousand Two Hundred Dollars ($78.200); and

WHEREAS. in 1989. the Contractor experienced a financial
hardship which made the annual repayment required under #2
construction contract an impossibility for that year; and

WHEREAS. the Contractor subsequently requested relief from
the State on the repayment Obligation cited in the #2
construction contract; and

WHEREAS. the State has agreed to allow the Contractor to
consolidate and restructure all of its loans on this project;
and

WHEREAS. the State and the Contractor intend to enter into
a separate contract (hereinafter referred to"as the "project
contract") in which the State will loan the Contractor money
for the purpose of paying off its Two Hundred Thousand Dollar
($200.000) indebtedness to the Wichita Bank of Cooperatives as
well as extending the periOd of repayment on the remaining
unpaid principal on the #2 construction contract: and

WHEHEAS, the parties agree that it would be mutually
beneficial to ter.minate the Contractor's separate Ninety-Two
Thousand Dollars ($92.000) #2 construction contract provided
that the repayment of the Seventy-Eight Thousand Two Hundred
Dollars ($78.200) (Which represents the remaining unpaid
principal amount provided by the State for the purpose of
partially funding the construction of the project) will be
integrated with the Contractor's repayment of the construction
loan of the project contract. which will be executed
contemporaneously with and immediately prior to the execution
of this termination contract.

NOW, THEREFORE it is hereby agreed that:

1. The #2 construction contract entered into between the
State and the Contractor on July 1. 1981 (attached as Exhibit B
and inco~porated by reference herein). Contract Encumbrance No.
C-153352. is hereby terminated and the remaining Obligations .of

J95-5}()1-1014

Pa~e I of -.i.. pa{!.es

2557E*