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e <br /> CONTRACTOR: LOWER ARKANSAS WATER Agency Name: Water Conservation Board <br /> MANAGEMENT ASSOCIATION Agency Number PDA <br /> • Contract No. C150103 Routing Number 03 PDA 01 <br /> Contract Amount$94,000 <br /> CONTRACT <br /> THIS CONTRACT, made this August 28, 2002, by and between the State of <br /> Colorado for the use and benefit of the Department of Natural Resources, Colorado <br /> Water Conservation Board, ("CWCB" or "STATE"), and Lower Arkansas Water <br /> Management Association, a Colorado nonprofit corporation ("CONTRACTOR"). <br /> FACTUAL RECITALS <br /> 1. Authority exists in the law, and funds have been budgeted, appropriated and <br /> otherwise made available and a sufficient unencumbered balance thereof remains <br /> available for payment as follows: Fund Number 424, Organization YYYY, Approp. <br /> Code AED, GBL L103, Program WTRC, Object Code 5881, Contract Encumbrance <br /> No. C150103. <br /> 2. Required approval, clearance, and coordination have been accomplished from and <br /> with appropriate agencies. <br /> 3. CWCB's authority for making this expenditure: Senate Bill 02S-001 authorizes the <br /> CWCB to make loans and grants to agricultural organizations for emergency <br /> 1111 drought-related water augmentation purposes from the CWCB Severance Tax <br /> Trust Fund Perpetual Base Account,based on recommendations from the Director <br /> of the CWCB, the State Engineer, the Commissioner of Agriculture and the <br /> Executive Director of the Department of Natural Resources. Such loans or grants <br /> may only be made if, pursuant to state or federal law, any portion of Colorado has <br /> received emergency drought designation or a disaster emergency been proclaimed <br /> due to drought. <br /> 4. The project consists of purchasing augmentation water ("PROJECT"), described in <br /> Appendix A attached hereto, as approved by the Director of the CWCB, the State <br /> Engineer, the Commissioner of Agriculture and the Executive Director of the <br /> Department of Natural Resources on August 19, 2002, for which funds under this <br /> contract will be expended. <br /> NOW THEREFORE, in consideration of the mutual and dependent covenants <br /> contained herein, the parties agree as follows: <br /> A. Time of performance. The CONTRACTOR recognizes that time is of the essence in <br /> the performance of its obligations under this contract. Therefore, the CONTRACTOR <br /> shall be responsible for the completion of the PROJECT within 4 months of the <br /> effective date of this contract. <br /> B. Disbursement of funds. The CWCB shall disburse funds to the CONTRACTOR to <br /> • pay for the costs associated with the PROJECT in the following manner: <br /> a. Request for funds for augmentation water transaction. Within 30 working days <br /> Page 1 of 5 <br />