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<br />, \UTER~lK&PB
<br />r,-:..mdy (Welch)
<br />Hest (No.1)
<br />
<br />CON rRAL r iWUTlN<i NlIMBfR
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<br />$304,000
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<br />l::N I lilt ,\(;lNL"~ ....U~IBllI.
<br />PDA
<br />
<br />Oam
<br />
<br />PROJECT
<br />CONTRACT
<br />and Promis ry Note
<br />THIS CONTRACT. made this ,:If/,-a day of 19 91 . by and between the
<br />Slale of Colorado for Ihe use and benefil of the Depa menlo Natural ~esources,
<br />(Colorado Water Conservation Boar ),
<br />hereinaher "(erred 10 as the Slalr. :Ind '2 The Handv Ditch Cornnanv,
<br />P. O. Box 1079, Berthoud, CO 80513,
<br />htreinafler referred 10 as Ihe contraclur./Contrac.toror Borrower.
<br />
<br />WHEREAS. luthoril)' exists in Ihe law and Funds ha...e been budgeted, appropri.ued and olherwise made
<br />available Bnd a suHicienl unencumbered balance thereof remains available for payment in Fund ~ulllher 4 fi?
<br />Appro. 003, Org. Unit YY'YY-,. Proqram ~'iTRC
<br />Contracflincumbrance No. -..C t 'j.3 Sq.::r-:
<br />WHEREAS. required approval. cle.3rance and coordinalion ha~ been accomplished lrom and wilh apprnprkm
<br />aaencies: and
<br />
<br />WHEREAS, pursuant to the provisions of 37-60-119 and
<br />37-60-120, ColoradO Revised statutes, the state is authorized to
<br />loan money for the construction of water projects for the
<br />benefit of the people of the state provided that the Contractor
<br />assures repayment of that money; and
<br />
<br />WHEREAS, the Contractor is a duly constituted ditch company
<br />in the state of Colorado and it wishes to rehabilitate the Handy
<br />(Welch) Dam West (No.1), hereinafter sometimes called the
<br />project, for the benefit of the ditch company members in Larimer
<br />County, Colorado, at an estimated cost of Three Hundred Ten
<br />Thousand Dollars ($310,000); and
<br />
<br />WHEREAS, on October 23, 1990, the parties entered into a
<br />feaaibility report contract, attached hereto as Exhibit B. A
<br />feasibility investigation of said project was conducted and the
<br />State has determined that such a project is technically and
<br />financially feasible; and
<br />
<br />WHEREAS, on jJ/~ .:< V ,.!..f:.f.L-, the State and the
<br />Contractor entereq1int a termination contract, attached hereto
<br />as Exhibit A, which terminated the Exhibit B feasibility report
<br />con~ract previously entered into between the parties; and
<br />
<br />WHEREAS, the termination contract provides that the
<br />Contractor will repay to the State the principal amount of six
<br />Thousand Dollars ($6,000) under the terms and conditions of that
<br />Exhibit A termination contract in consideration of the state1s
<br />partial financing of the feasibility report for the project
<br />pursuant to the Exhibit B feasibility report contract; and
<br />
<br />WHEREAS, the state now desires by this project contract to
<br />loan money for the construction of said project upon mutually
<br />agreeable terms and conditions, subject to the availability of
<br />funding for that purpose; 'and
<br />
<br />WHEREAS, the state and the Contractor agree that the
<br />repayment of the feasibility report funding shall be
<br />consolidated with the repayment of the project construction
<br />loan; and
<br />
<br />~'::;r:n.r:AS, p'ili...suunt to u-~.; Cont:r-actor I s By- Lut.n;, the
<br />Contractor has authority to contract to borrow money provided
<br />that a Resolution be <.duly passed by the Board of Directors and
<br />to levy assessments assuring repayment of the state according to
<br />the terms of the contract; and
<br />
<br />WHEREAS, pursuant to section 1 of chapter 32, Session Laws
<br />of Colorado 1987, as amended by HB 91-1006, Fifty-Eighth General
<br />Assembly, the state has been authorized to loan Three Hundred
<br />Ten Thousand Dollars ($310,000) for construction of the project,
<br />including the cost of the feasibility report.
<br />
<br />39S5J()'1-1O'W
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<br />Page I ofJ:.Q.. pages
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