WSP05471

• File Number: 8543.900
• Description: Closed Basin Division - Project Funding
• State: CO
• Basin: Rio Grande
• Water Division: 3
• Date: 5/3/1989
• Title: Agenda Item 8 - May 11-12 1989 - Board Meeting -- Closed Basin Project Cost-Sharing Agreement
• Water Supply Pro - Doc Type: Board Memo

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(b) These monies shall remain in the said construction fund
until required to be paid to the United States pursuant to Article 6. ihe
investment of these monies shall be the sole prerogative of the State and all
earnings from SUCh investments shall accrue to the State for its sole benefit.

ACCOUNTING FOR THE EXPENDITURE OF THE $75,000,000

4. (a) Within 30 days after the date of this agreement, the United
States shall provide to the State:

(1) A detai led accounting of all costs, including admin-
istrative costs, incurred in the construction of the Project from the ini-
tiation of construction through the end of the month immediately preceding the
date of this agreement, and

(2) Its best estimate of when total costs, including
administrative costs, for the construction of the Project will reach
$75,000,000. Said estimate will itemize cos~s in detail on a monthly
basis starting with the month in which this agreement is dated.

(b) Within 30 days after total costs, including administrative
costs, for construction of the Project have reached $75,000,000, the United
States shall provide to the State a detailed final a~counting of these costs.
If the State Questions any of the costs, it Shall so advise the United States in
writing within 30 days after receipt of the accounting from the United States.
The parties shall make a best faith effort to resolve any differences they may
have as to when $75,000,000 Of construction costs, including administrative
costs, was incurred. However, the final decision in this regard shall be the
United States'. '

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ACCOUNTING FOR THE EXPENDITURES OVER THE $75,000,000

5. (a) On or before July 1, 1989, .and on or before each quarter
beginning on October I, January 1, April 1, and July 1 thereafter until
construction of the entire Project is completed or the State has paid $6;000,000
to the United States, whichever occurs first, the United States shall provide to
the State a detailed itemization of the construction costs, including admin-
istrative costs, which the United States projects will be incurred in the
upcoming Quarter.

(b) By July 30, 1989, and within 30 days after the end of each
quarter thereafter the United States shall provide to the State a detailed item-
ization of construction costs, including administrative costs, which have been
incurred for the Project in the immediately preceding quarter. If the State
questions any of the costs, it Shall so advise the United States in writing
within 30 days after receipt of the accounting from the United States. The
Parties shall make a best faith effort to resolve any differences they may have.
However, the final decision in this regard shall be the United States'. If the
United States makes any adjustments in the construction costs, including admin-
istrative costs, previously reflected in a quarterly statement, Such adjustments
Shall be set forth and fully explained in the quarterly statement next following
the time that the adjustment is made.

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