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<br />11:'-'
<br />... "'erra?e 11ain and
<br />P~l:liUosa Creek Canal!
<br />
<br />.$1,650,000
<br />
<br />DEPT. OR AGENCY NAI1E
<br />Water Conser'vation
<br />DEPT. OR AGENCY NO.
<br />PDA
<br />ROUTING NO. q :, 'I ~{,.
<br />
<br />THIS CONTRAC,]~, made this 1A..th. day of FphrlH'Iry , IE ':JL, Ly dud
<br />between the StatE~ of Colorado for the use and benefit of the
<br />Department of Natural Resources (Colorado Water Conservation.
<br />Board, hereinafter referred to 'as the State, and The Terrace
<br />IrrIQation Company, 24050 County Road 10, La Jara, Colorado, 81140,
<br />hereinafter referred to as the Contractor/Contractor or Borrower.
<br />
<br />and
<br />
<br />PROJECT
<br />CONTRACT
<br />Promissory Note
<br />
<br />WHEREAS, authority exists in the
<br />budgeted, appropriated and otherwise
<br />sufficient unencumbered balance thereof
<br />payment in Fund Number 462, Appro. Code
<br />Program WTRC, Contract EncN.o. C'. 1 ':1 ~&()C.,
<br />
<br />,
<br />Law and Funds have been
<br />made available and a
<br />remains available for
<br />002, Org. Unit YYYY,
<br />land -
<br />
<br />WHEREAS, required approval, clearance and coordination has
<br />been accomplished from and with appropriate agencies; and
<br />
<br />WHEREAS, pursuant to the provisions of 37-60-119 and 37-60-
<br />120, Colorado Revised Statutes, the State is authorized to loan
<br />money for the construction of water projects for the benefit of the
<br />people of the State provided that the Contractor assures repayment
<br />of that money; and
<br />
<br />WHEREAS, the Contractor is a duly constituted irrigation
<br />company incorporated in the State of Colorado and it wishes to
<br />concrete line its water distribution canals, hereafter sometimes
<br />called project, for the benefit of the stockholders of the Terrace
<br />Irrigation Company in Conejos and Rio Grande Counties, Colorado, at
<br />an estimated cost of One Million Six Hundred Fifty Thousand Dollars
<br />($1,650,000); 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 Contractor
<br />has authority to contract to borrow money provided that a
<br />Resolution be duly passed by a majority vote of the stockholders
<br />and to levy assessments assuring repayment of the State according
<br />to the terms of the contract; and
<br />
<br />WHEREAS, pursuant to section 1 of chapter 32, Session Laws of
<br />Colorado 1987, as amended by HB 91-1006, the State has been
<br />authorized to loan One Million Six Hundred Fifty Thousand Dollars
<br />($1,650,000) for construction of the 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 dependent
<br />covenants herein contained, it is agreed by the parties hereto as
<br />follows:
<br />
<br />A. The Contractor agrees that it shall:
<br />
<br />1. Utilize the engineering staff of the U. S. Department of
<br />Agriculture, Soil Conservation Service (Consultant), to prepare
<br />project plans and specifi~ations for the project. The project
<br />plans and specifications must be approved in writing by the State
<br />before construction on the project can conunence. For Purposes of
<br />this paragraph, "construction" includes any real estate and water-
<br />rights acquisitions.
<br />
<br />2. Contract for the construction of said project to a
<br />
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