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<br />DEPARTMENT OR AGENCY NAME
<br />Water Conservation Board
<br />
<br />DEPARTMENT OR AGENCY NUMBER
<br />PDA
<br />
<br />ROUTING NUMBE
<br />
<br />
<br />$ 7,500
<br />
<br />FEASIBILITY REPORT CONTRACT
<br />
<br />. 22H.lJ
<br />THIS CONTRACT, made this - day of , 1995, by and between the STATE OF
<br />COLORADO for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board, hereinafter
<br />referred to as the STATE, and TOWN OF NORWOOD, hereinafter referred to as TOWN, and the TOWN OF NORWOOD WATER
<br />COMMISSION, P. O. Box 528, Norwood, Colorado 81423, hereinafter referred to as the BORROWER and/or CONTRACTOR.
<br />
<br />RECITALS
<br />
<br />1, Authority exists in the law, and funds have been budgeted, appropriated and otherwise made available and a
<br />sufficient unencumbered balance thereof remains available for payment in Fund Number 424, Organization YYYY,
<br />Appropriation 636, Program WTRC, Object Code 5120, Contract Encumbrance Number C-'S.~q7 ; and
<br />
<br />2. Required approval, clearance and coordination have been accomplished from and with appropriate agencies; and
<br />
<br />3. Pursuant to the provisions of sections 37-60-119and 37-60-122(1 )(c)CRS, as amended, the STATE is authorized
<br />to loan money for the construction or implementation of certain water projects for the benefit of the people of the State of
<br />Colorado, and to expend monies for feasibility investigations; and
<br />
<br />4. The TOWN has made application to the STATE for a loan to conduct a feasibility study, costing a total of
<br />approximately $25,000, to evaluate a raw water project (hereinafter referred to as PROJECT) as outlined in the Plan of Study
<br />from WestWater Engineering dated September 16, 1994, Said Plan of Study is in conformance with the CWCB Construction
<br />Fund Guidelines and is considered acceptable for the feasibility study; and
<br />
<br />5. The CWCB approved at their July 19, 1994, meeting, a loan to the TOWN in an amount not to exceed Seven
<br />Thousand Five Hundred Dollars 1$7,500), hereinafter referred to as MAXIMUM LOAN AMOUNT, at an interest rate oftwo percent
<br />(2%1 per annum, and for a duration of ten (101 years; and
<br />
<br />6. The TOWN is a duly constituted statutory town pursuant to section 31-4-201 CRS, located in San Miguel County,
<br />Colorado; and
<br />
<br />7. The Norwood Water Commission is an enterprise within the meaning of ~ 37-45,1-101 et seq. CRS and Article
<br />X, Section 20 of the Colorado Constitution as recognized by Resolution #0112 of the TOWN'S board of trustees dated January
<br />10, 1995, attached hereto as APPENDIX A. The Norwood Water Commission inter alias, was created for the purpose of
<br />pursuing and continuing water activities in connection with the provision of water to the Town of Norwood and to the rural
<br />Wright's Mesa area, including water acquisition and the construction, operation, repair, and replacement of water facilities;
<br />and
<br />
<br />8, Pursuant to H37-45.1-101 et seq. and 31-35-401 et seq" CRS, the BORROWER and the TOWN have authority
<br />to contract to borrow money provided that a resolution has been duly adopted by the TOWN'S board of trustees and the
<br />BORROWER'S commission to fix and charge water user charges or fees on water sold by the BORROWER, which water user
<br />charges or fees can be used for repayment of the loan to the STATE according to the terms of the contract; and
<br />
<br />9. Both the STATE and the BORROWER recognize and understand that the revenues of the BORROWER are subject to
<br />pay its San Miguel Water Revenue Bonds, Case No. 05-057-0001328716now held by General Electric Corporation; and
<br />
<br />TOWN OF NORWOOD & NORWOOD WATER COMMISSION
<br />
<br />Page 1 of B Pages
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<br />FEASIBILITY REPORT CONTRACT
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