PROJC00218

• Contract/PO #: C153338
• Contractor Name: Silt, Town of
• Contract Type: Loan
• Water District: 39
• County: Garfield
• Bill Number: SB 80-67
• Loan Projects - Doc Type: Contract Documents

9. Purchase from the State all of the State's right, title, and
interest in said project and any facilities thereof at a total
purchase price of six Hundred Six Thousand Two Hundred Forty
Dollars ($606,240) payable in forty (40) annual installments of
Fifteen Thousand One Hundred Fifty-Six Dollars ($15,156) each,
which first installment shall be due and payable on November 15,
1982 and yearly thereafter until the entire principal sum shall
have been paid. Said installment payment shall be made payable
to the Colorado Water Conservation Board, payable at the offices
of said Board in Denver, colorado.

B. Upon default in the payments herein set forth to be made by
the Contractor, or in the performance of any covenant or agreement
contained herein, the State. at its option, may (a) declare the
entire principal amount then outstanding immediately due and payable;
(b) for the account of the Contractor incur and pay reasonable
expenses for repair, maintenance, and operation of the water supply
system herein described and such other reasonable expenses as may
be necessary to cure the cause of def~ult; and/or (c) take possession
of the system. repair. maintain, and operate or lease it. The
provisions of this contract may be enforced by the State, at its
option without regard to prior waivers by it of previous defaults
by the Contractor, through judicial proceedings to require specific
performance of this contract or by such other proceedings in law or
equity as may be deemed necessary by the State to insure compliance
with provisions of this contract and the laws and regulations under
which this contract is made. .

C. The State agrees that it will:

1. Make available to the Contractor for the, purpose of this
contract the sum of Three Hundred Thousand Dollars ($300,000).
Said Three Hundred Thousand Dollars ($300,000) shall be made
available to the Contractor in accordance with the fullowing
terms and conditions;,

a. Beginning with the monthly
1980 and for every month ther
been completed, the Contrac
suIting engineer's help an es
from the State for project con
and shall forward said imate
fifteen (15) days prior be
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b. Upon ,receipt a~, ro 'a1 the State of such monthly
estimate, the- s~~~ . ,1, ithin forty (40) days from the
receipt of sU9h~~m. te, y over to the Contractor the
amount of the-mOnt1\~~~' ,estimate or such portion thereof as
has been apprQved by,' State.
\

2. Assist the Con~ractor with such technical assistance as the
State deems appropria~e in planning, constructing, and operating
the project and in cOQrdinating the project with local official
comprehensive plans for sewer and water and with any State or area
plans for the area in~which the project is located.

D. In its sole discr~tion, the State may at any time give any consent,
deferment, subordination, release, satisfaction, or termination of any
or all of the Contractor1s obligations under thi~ agreement, ~ith or
without valuable consideration. upon such terms and conditions as the
State may determine tg be (a) advisable to further the purposes of
this contract or to p;otect the qtate's financial interest herein,
and (b) consistent wi~h both the'statutory purposes of this contract
and the limitations o~ the statutory authority under which it is made.

E. Upon completion of the payment of the full purchase price to the
state in the sum of Six Hundred Six 'Thousand Two Hundred Forty'Dollars
($606,240) as set forth in paragraph A.9. of this contract, the State
agrees to convey to the contractqr all of the State's right, title,
and interest in and to the proje~t by deed or other proper conveyance.

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