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'" ','I -~ . . .. PART IV PURPOSE OF AGREEMENT 1. The purpose of this Agreement is (1) to permit the Subdistrict immediately to commence and complete the construction of its Windy Gap Project, as evidenced by its decrees, and (2) to permit the immediate planning of the Azure Reservoir and its power features, herein designated as the "Azure Reservoir and Power Project," in order that the Project may be under construction within fifteen (15) years from the date hereof or sooner. 2. Implementation of the provisions of this Agreement satisfies and constitutes compliance by Subdistrict of its obligations under C.R.S. 1973, 37-45-118(1)(b)(IV), " insofar as the Parties hereto are concerned, and is in compli- ance with all requirements for obtaining valid conditional water rights for all components of the Windy Gap Project. 3. Implementation of the provisions of this Agreement will constitute compliance with all objections to the Draft Environmental Impact Statement for the Windy Gap Project by any Party hereto, furnishes satisfactory mitigation measures for the development of the Windy Gap Project and fOllowing a hearing and decision of the Grand County Commis- sioners under paragraph 36 (assuming the decision is favorable) will constitute compliance with all valid permitting require- ments imposed by any of the Parties. 4. Implementation of the provisions of this Agreement, specifically Part V, paragraph 16, is to insure that Subdistrict will plan, design and construct such facilities as are necessary to allow Ranchers to continue to divert their existing senior decrees at no additional cost other than that which would have occurred had the Windy Gap Project not have been constructed. 5. The Agreement constitutes a desirable and practical method and approach for the financing and construction .' -5- 0944