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I ,.,. ~f j) CONTRACTOR: CENTRAL COLORADO WATER CONSERVANCY DISTRICT Contract No. C1501 05 Contract Amount $56.700 . . Agency Name: Water Conservation Board Agency Number PDA11 Routing Number 03 PDA mOClT . AGRICULTURAL EMERGENCY DROUGHT CONTRACT THIS CONTRACT. made this May 1, 2003, by and between the State of Colorado for the use and benefit of the Department of Natural Resources. Colorado Water Conservation Board, ("CWCB" or "State"), and of the Central Colorado Water Conservancy District acting by and through the Ground Water Management Subdistrict ("Contractor"). FACTUAL RECITALS 1, Authority exists in the law, and funds have been budgeted. appropriated and otherwise made available and a sufficient unencumbered balance thereof remains available for payment as follows: Fund Number 424, Organization VYYY, Appropriation Code AED, GBL C105. Program WTRC, Object Code 5180. Contract Encumbrance No. C150105. 2. Required approval. clearance. and coordination have been accomplished from and with appropriate agencies. 3. CWCB's authority for making this expenditure: Senate Bill 02S-001 authorizes the CWCB to make loans and grants to agricultural organizations for emergency drought.related water augmentation purposes from the CWCB Severance Tax Trust Fund Perpetual Base Account. based on recommendations from the Director of the CWCB. the State Engineer. the Commissioner of Agriculture and the Executive Director of the Department of Natural Resources, Such loans or grants may only be made if, pursuant to state or federal law, any portion of Colorado has received emergency drought designation or a disaster emergency been proclaimed due to drought. 4. The project consists of purchasing augmentation water ("PROJECT"). described in Appendix A attached hereto, as approved by the Director of the CWCB, and the State Engineer on December 17. 2002, for which funds under this contract will be expended, NOW THEREFORE. in consideration of the mutual and dependent covenants contained herein. the parties agree as follows: A. Time of performance. The CONTRACTOR recognizes that time is of the essence in the performance of its obligations under this contract. Therefore. the CONTRACTOR shall be responsible for the completion of the PROJECT within 12 months of the effective date of this contract. 8, Disbursement of funds. The CWCB shall disburse funds to the CONTRACTOR to pay for the costs associated with the PROJECT in the following manner: a. Request for funds for augmentation water transaction. For reimbursement of costs of purchasing augmentation water. the CONTRACTOR shall provide the CWCB with a letter stating the total amount of the reimbursement and the terms of the transaction(s), including, but not limited to, the identification of the party from whom the CONTRACTOR purchased the augmentation water. the cost of the transaction and the closing date of the transaction, b, Payment of requests for funds. Upon receipt and approval by the CWCB of each such request for funds, the CWCB will. within 30 days from the approval of such statement, pay to the CONTRACTOR the amount of the statement or such portion thereof as has been approved by the CWCB, C. Return of Unused Funds. Any funds disbursed but not expended for the PROJECT in accordance with the terms of this Contract shall be remitted to the CWCB within 30 days of either (1) completion of the PROJECT, or (2) upon termination of this Contract by the CWCB in Page 1 of 4