PROJC01676

• Contract/PO #: C153677
• Contractor Name: Rangely, Town of
• Contract Type: Loan
• Water District: 0
• County: Rio Blanco
• Bill Number: SB 80-67
• Loan Projects - Doc Type: Contract Documents

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Town of Rangely
Emergency Loan Contract

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7. WHEREAS, the Borrower must complete the emergency repairs to the raw water
intake structure prior to the spring runoff of the White River to avoid further damage to the
structure; and

8. WHEREAS, the Colorado Water Conservation Board approved at their March 9,
1994 meeting, an emergency loan to the Borrower in a maximum amount of $34,000
(Thirty-Four Thousand Dollars), not to exceed seventy five percent (75%) of eligible project
construction costs, at an interest rate of 4.5%, and for a duration of 2 (two) years, subject to
the execution of a formal contract; and

9. WHEREAS, the Borrower is a statutory town in Rio Blanco County in the State of
Colorado; and

10. WHEREAS, the Borrower has hired a professional engineer registered in the state
Colorado to review and approve the engineering design for the emergency repair project; and

11. WHEREAS, the State now desires, by th;s c.cgtract, to loan money to the Borrower
to cover up to seventy five percent (75%) of the elig:l:lc costs of this emergency
construction project upon mutually agreeable term~ a'ld :-::onditions, subject to the availability
of funding for that purpose; and

12. WHEREAS, pursuant to 9 31-15-302 et ~eq., C-R.S., the Borrower has authority to
contract to borrow money provided that a resoluti6n'has'been duly adopted by its Town
Board of Trustees authorizing repayment of the loiin tq the State according to the terms of
this Contract; and

13. WHEREAS, the State understands that th:: repayment of the funds loaned,
including interest thereon, will come from revenues ple~ged for the repayment thereof from
water user charges or fees and that this obligation d;)e~ liot constitute a debt of the Borrower
within the meaning of any constitutional or statutory limitations; and

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

,
That the captions and headings contained in this contract are for
convenience and reference only and shaH not be construed so as to define
or limit the terms or provisions contracted herein.

A. The Borrower agrees as follows:

I. (Hire a Consulting Engineer): The Borrower shall employ an engineering
consultant (hereafter referred to as the Consultant) to review project plans and specifications
for the emergency project.

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