C153606 Contract

• Contract/PO #: C153606
• Contractor Name: Terrace Irrigation Company, The
• Contract Type: Loan
• Water District: 21
• County: Conejos
• Bill Number: HB 91-1006
• Loan Projects - Doc Type: Contract Documents

1

)

')

Mr. Frank M. Akers, P.E.
Page 3
February 5, 1992

9.

of 579 shares were represented with 416 being
necessary to constitute a quorum. At said meeting
567 shares voted to authorize the Members of the
Board of Directors to execute a Deed conveying the
mains tern canals to the State of Colorado acting by
and through the Water Conservation Board as
security for repayment of the loan in the
principal sum of 1.65 Million Dollars.

'.s

The Members of the Board of Directors undertook to
purchase a more direct route for the main canal of
the Terrace Irrigation Company. They obtained
easements from James D. Hanegan, as Trustee of the
Elizabeth Silver Trust, which deed of conveyance
was filed for record on January 14, 1992, under
Reception No. 201991, Book 348, at Page 348, from
Lee Banks and Carlene Banks which Deed was filed
for record on January 14, 1992, under Reception
No. 201990, Book 348 at Page 240, from Leonard F.
Valdez a/k/a Leonard Felix Valdez, pursuant to a
Deed recorded on December 26, 1991, under
Reception No. 201895, Book 348 at Page 85, from
Ernesto Valdez, Jr. a/k/a Ernest Valdez, Jr. and
Alfonso Valdez pursuant to a Deed filed for record
January 17, 1992, under Reception No. 202043, Book
348 at Page 316 and from the State of Colorado
pursuant to a permit which is yet to be issued by
the Colorado Board of Land Commissioners.

10. From my examination of the documents, reference to
which has herein been made, I conclude that there
are no provisions in said documents or in any
State or local Law that prevent Terrace Irrigation
Company from binding itself to the State of
Colorado acting by and through the Water
Conservation Board.

11. From the examination of the documents, reference
to which has herein been made,. I conclude the
Project Contract and Promissory Note will be valid
and binding against Terrace Irrigation Company if
entered into by the State of Colorado.

This letter is prepared in behalf of the Members of the
Board of Directors of the Terrace Irrigation Company for the
purpose of inducing the authorized personnel of the Colorado
Water Conseryation Board to make available to the Terrace
Irrigation Company those loan proceeds necessary to enable a
cement lining of the main stem canal of said Company. If