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<br />,,- ". ,t-I/PB <br />COON CK. RES. <br />NOS. 1&2 <br /> <br />......'. <br /> <br />lJt-'''''',~'.I).tt-_..... I UK .\t,;I:,'l ~ :"L:Mill:.R <br />!,;," 34-04-00 <br />CO!'l;T~' <br /> <br /> <br />V <br />$55,000 <br /> <br />;fc'l {!--P71'7 <br /> <br />/ <br /> <br />PROJECT <br />CONTRACT <br />~nd PromissQry Note <br />iHIS CONTRACT, made- lhis -"I dav, of J___.J_A=i;~~ C? <br />... ~. - - 198 L _ bv and between the <br />Slate- Ilf Coloradn for the u\,e and benefit of Ine Lkrart~nt 'of' 1 Natural Resources <br />(Colorado Water Conservation Board) , <br />hereinafter I't"ferred to as tht' Stale, and '2 the Corm Creek Reservoir and Ditch <br />Comnanv. Box 145. Mesa. CO 81643. <br />he-re-innfte-r referred to as the conlraCtor /Contractor or Borrower. <br /> <br />_ WHEREAS. aUlhorit)' exish in the Law and Funds have been budgeted. aprropri:ued and otherwise made <br />aVolllllble and a suffieie~l unencumbered bai:Jnce thereof remains (iilable for paVmenl in Fund ;.....umbel 4008 <br />G/L ACCount Number:J 3 76X . Contract Encumbrance Number /~~lfJf(: a-nd <br />ABL Account No. 113760, Org. Unit 77-77-777, <br /> <br />,WHEREAS, requir{'d apprnvOlL clearance and coordination has been accoll'1lllished from and with llrrrnpriafe <br />Igencles: and <br /> <br />WHEREAS. pursuant to the provisions of 37-60-119 and <br />37-60-120. Colorado Revised Statutes. the State is authorized <br />to 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 reservoir and <br />ditch company in the State of Colorado and it wishes to repair <br />Coon Creek Reservoirs Nos. 1 and 2. hereinafter sometimes <br />called the project, for the benefit of the Shareholders of the <br />company in Mesa County. Colorado. at an estimated cost of One <br />Hundred Ten Thousand Dollars ($110.000): 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. pursuant to the Contractor's BY-Laws. 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 <br />to the terms of the contract; and <br /> <br />WHEREAS. pursuant to section 1 of chapter 32. Session J.aws <br />of Colorado 1987. as amended by Senate Bill 85. Fifty-Seventh <br />General Assembly. the State has been authorized to loan up to <br />Fifty-Five Thousand Dollars ($55.000) for construction of the <br />project. <br /> <br />WHEREAS. the Contractor or Borrower understands that this <br />Contract is also a promissory note for the repayment of funds <br />loaned to the Borrower according to the terms set forth herein. <br /> <br />NOW THEREFORE. in consideration of the mutual and <br />dependent covenants herein contained. it is agreed by the <br />parties hereto as follows: <br /> <br />A. The Contractor agrees that it shall: <br /> <br />1. Employ an engineering firm (hereinafter referred to as <br />the Consultant) to prepare project plans alld specifications for <br />the project. Both the Consultant and the project plans and <br />specifications must be approved in writing by the State before <br />construction on the project can commence. For purposes of this <br />paragraph. I'construction" includes any real estate and water <br />rights acquisitions. <br /> <br />0111E* <br /> <br />J9:r:sJ<n-1014 <br /> <br />Pa!!e I of.l.Q.. pa!!es <br />