LPPD000260

• Contract/PO #: C153715
• Contractor Name: Lower Arkansas Water Management Association
• Contract Type: Loan
• Water District: 67
• County: Prowers
• Bill Number: SB 96-124
• Loan Projects - Doc Type: Contract Documents

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AGENCY NAME: Water Conservation Board

AGENCY NUMBER: PDA
ROUTING NUMBER: (){1J

CON T RAe TAM END MEN T No.5

THIS AMENDMENT, made this 10th day of March 2001, by and between the State
of Colorado for the use and benefit of the Department of Natural Resources, Colorado
Water Conservation Board, hereinafter referred to as the CWCB and/or STATE, and the
Lower Arkansas Water Management Association, hereinafter referred to as the
BORROWER and/or CONTRACTOR.

FACTUAL RECITALS

A. Authority exists in the law, and funds have been budgeted, appropriated, and
otherwise made available and a sufficient unencumbered balance thereof remains
available for payment in Fund Number 424, Appropriation Code 542, Contract
Encumbrance Number C153715.

B. Required approval, clearance, and coordination have been accomplished from and
with appropriate agencies.

C. The C\tVCB and the CONTRACTOR entered into a contract dated iviarch 14, 1996,
Contract Encumbrance Number C153715, which was amended on June 27,1996, on
December 2, 1996, on April 9, 1997, and on May 28, 1997, hereinafter referred to as
ORIGINAL CONTRACT and incorporated herein by reference, wherein the STATE agreed
to loan money in the total amount of $3,688,567.74, hereinafter referred to as the
LOAN, to fund the purchase of water shares to be used in CONTRACTOR'S augmentation
plan, including shares in the Manvel Canal and Irrigation Company ("Manvel Shares")
and shares in the Highland Irrigation Company ("Highland Shares"), and the
CONTRACTOR agreed to repay the loan in accordance with the terms of the ORIGINAL
CONTRACT.

D. The Original Contract acknowledged the possibility of the dissolution of the Manvel
Canal and Irrigation Company and set forth a process for said dissolution that would
protect and maintain the CWCB's security interest in the water rights represented by
the Manvel Shares. On January 23, 2001, the Contractor notified the CWCB of its
intent to dissolve the Manvel Canal and Irrigation Company and the Highland Irrigation
Company, and requested the CWCB's consent to use the same process to dissolve
the Highland Irrigation Company.

E. The CWCB and the CONTRACTOR have agreed to amend this contract to establish that
the Contractor may use the same process to dissolve both the Manvel Canal and
Irrigation Company and the Highland Irrigation Company to ensure that the State
maintains its security interest in the water rights represented by the Manvel Shares
and the Highland Shares.

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