PROJC00448

• 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 th~ State1s 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 fOt:ty (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 ~n Denver, ~olorado.

B. Upon defau,lt in the payments herein set forth to be madel by
the Contractor" or in the performance of any covenant or agreemen,t
contained here,in, the State, at its option, may (a) declare the
entire princip~l amount then outstanding immediately due and payable;
(b) for the ac~ount of the Contractor incur and pay reasonable
expenses for r1epair, maintenance, and operation of the water supply
system herein ~escribed and such other reasonable expenses as may
be necessary t~ cure the cause of defaultJ and/or (c) take possession
of the system,' repair, maintain, and operate or lease it. The
provisions of Ithis contract may be enforced by the State, at its
option without regard to prior waivers by it of previous defaults
by the Contrac!tor, through judicial proceedings to require specific
performance ofi this contract or by such other proceedings in law or
equity as may 'be deemed necessary by the State to insure compliance
with provision~ of this contract and the laws and regulations under
which this con:tract is made.

C. The State ,agrees that it will:

1. Make av~ilable to the Contractor for the purpose of this
contract the s~m of Three Hundred Thousand Dollars ($300,000).
Said Three Hu~dred Thousand Dollars ($300,000) shall be made
available to ~he COntractor in accordance with the fullowing
terms and conditions..
I

a. Beg1inning with the monthly period commencing November 15,
1980 and for every month thereafter until said project has
been c1ornpleted, the Contractor shall prepare wit.~. the con-
sulti~g engineer1s help an estimate of the funds required
from ~he State for project construction during that month
and s~all forward said estimate to the State not less than
fifteen (15) d~ys prior to the beginning of such month.

b. Upon .receipt and approval by the State of such monthly
estima'te, the State will, within forty (40)' days from the
receipt of SU9h estimate, pay over to the Contractor the
amount of the monthly estimate or such portion thereof as
has b~en approved by the State.

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

D. In its sole discrQtion, the State may at any time give any consent,
deferment, su~ordination, release, satisfaction, or termination of any
or all of the 'Contractor's obligations under thi~ agreeme~t. ~ith or
without valuable consideration, upon such terms and conditions as the
State may determin~ tQ be (a) advisable to further the purposes of
this contract tor to p~otect the ~tatels financial interest herein,
and (b) consistent with both the statutory purposes of this contract
and the limitations of 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 iix Thousand Two Hundred Forty Dollars
($606,2401 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 projeqt by deed or other proper conveyance.

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