C153445 Contract

• Contract/PO #: C153445
• Contractor Name: Summit Reservoir and Irrigation Company
• Contract Type: Loan
• Water District: 32
• County: Montezuma
• Bill Number: HB 84-1128
• Loan Projects - Doc Type: Contract Documents

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DEPARTj\o,ENT OR AGEN
34-04-00

PROJECT
CONTRACT

$30,254

THIS CONTRACT, made this l!';t day of Allqll~t
Slale of Colorado for the use and benefit of the Department of " Ni'tt-nri'll
(Colorado Water Conservation Board) ,
hereinafter referred 10 as the Slale, and '2 Summi t Reservoir
P. O. Box 127. Dolores, CO 81323.
hereinafter referred 10 as the contractor or the Borrower.

1985 ,by and between tile
'Rf'!!'iOllrCeS

and Irriqation Company,

WHEREAS. authority exists in the Law and Funds have been budgeted, appropriated and otherwise made
available and a ~ufficienl unencumbered balance thereof remains available (oryayment in Fund Number 4008 ,
G/L Account Number 5.;3/q x: Conlract Encumbrance Number(1f.~':/lj"~: and
ABL Account Number 1&/11, Org. Unit 77-77-777,
WUEREAS. re!Juired approval. clearance and coordination has been accomplished from and with appropriate
:Igende~: and

WKEHEAS, pursuant to the provisions of 37-60-119, Colorado
Revised Statutes, the State is authorized to loan money for the
construction of water projects for the benefit of the .peop1e of
the State~ and

WHEREAS, the Borrower is a reservoir and irrigation
company in the State of Colorado and wishes to repair, or cause
to be repaired, the Summit dam. hereinafter called the project,
for the stockholders of the reservoir and irrigation company in
Montezuma County, Colorado, at an estimated cost of Seventy
Thousand Dollars ($70,000); and

WHEREAS, a feasibility investigation of said project was
conducted and it was found that such a project is technically
and financially feasible; and

WHEREAS, on August 1, 1985, the State and the Borrower
entered into an agreement (attached as Exhibit A and
incorporated by reference herein and hereinafter referred to as
the termination contact) which terminated a feasibility report
contract (attached as Exhibit B and incorporated by reference
herein) previously entered into between the parties.

WHEHEAS, the termination contract provided that the
Borrower would. pay the State Four Thousand Seven Hundred
Forty-Six Dollars ($4,746) under the terms and conditions of
this contract in consideration of the State's partial financing
of the feasibility report for the project; and

WHEREAS, the State has now agreed to loan money for the
construction of said project upon mutually agreeable terms and
conditions, subject to the availability of funding for that
purpose; and the State and the Borrower agree that the
repayment of the feasibility report funding shall be
consolidated with the repayment of the project loan; and

WHEREAS, pursuant to House Bill No. 1128. Fifty-Fourth
General Assembly of the State of Colorado, duly enacted into
law, the Colorado Water Conservation Board has been authorized
to loan a sum not to exceed Thirty-Five Thousand Dollars
($35,000) for construction of the project;

NOW THEREFORE, in consideration of the mutual and
dependent covenants herein contained, it is agreed by the
parties hereto as follows:

A. The Borrower agrees that it shall:

1. Employ an engineering firm to prepare project plans
and specifications for the project. Both the engineering firm
and the project plans and specifications must be approved by
the State before initiation of construction on the project,
including any real estate and water rights acquisitions. can
corrunence.

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