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<br />r:GENCY NAME: Water Cons8'rvation Board
<br />I
<br />I AGENCY NUMBER: PDA
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<br />ROUTING NUMBER: 97 PDA ()! Oh I
<br />
<br />CONTRACT AMENDMENT
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<br />THIS AMENDMENT, made this ,;,\1/day of iii ('( v 1997, by and between the State of
<br />Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board
<br />("CWCB"), hereinafter referred to as the STATE, and the Lower Arkansas Water Management Association,
<br />hereinafter referred to as the BORROWER and/or CONTRACTOR.
<br />
<br />FACTUAL RECITALS
<br />
<br />A. Authority exists in the law, and funds have been budgeted, appropriated, and otherwise made available and
<br />a sufficient unencumbered balance thereof remains available for payment in Fund Number 424,
<br />Appropriation Code 542, Contract Encumbrance Number C153715.
<br />
<br />B. Required approval, clearance, and coordination has been accomplished from and with appropriate
<br />agencies.
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<br />C. The STATE and the CONTRACTOR entered into a contract dated March 14, 1996, Contract Encumbrance
<br />Number C153715, which was amended on June 27, 1996, on December 2, 1996, and on April 9, 1997,
<br />hereinafter referred to as ORIGINAL CONTRACT, incorporated herein by reference, wherein the STATE agreed
<br />to loan money in the total amount of $3,714,866.30, hereinafter referred to as the LOAN, to fund the
<br />CONTRACTOR'S augmentation program to offset depletions by the CONTRACTOR'S members to Colorado
<br />surface water rights and to usable state line flows in the Arkansas River Basin, and the CONTRACTOR agreed
<br />to repay the loan in accordance with the tenns of the ORIGINAL CONTRACT.
<br />
<br />D. As part of the collateral for the LOAN, the STATE holds a security interest in certain funds contained in an
<br />interest-bearing escrow account in the principal amount of $419,997 ("Escrow Accounf') in the Colorado
<br />East Bank and Trust ("Escrow Agenf'). The ORIGINAL CONTRACT provides that, if the CONTRACTOR obtains
<br />the STATE'S approval, the CONTRACTOR may use the principal of the Escrow Account to purchase additional
<br />water rights for the CONTRACTOR'S augmentation program provided that the CONTRACTOR conveys a security
<br />interest in those water rights to the STATE.
<br />
<br />E. The CONTRACTOR has requested the STATE to release $419,997 from the Escrow Account to the
<br />CONTRACTOR for the purchase of 2,702 shares of the Highland Irrigation Company (the "Highland shares") to
<br />close on or about May 30, 1997.
<br />
<br />F. At its May 12-13, 1997 meeting, the CWCB authorized a release to the CONTRACTOR of $419,997from the
<br />Escrow Account to be used for the purchase of the Highland shares provided the CONTRACTOR conveys a
<br />security interest in those shares to the STATE.
<br />
<br />G. The CONTRACTOR borrowed only $3,688,567.74 and not the amount stated in the ORIGINAL CONTRACT of
<br />$3,714,866.30, therefore, the STATE and the CONTRACTOR agree to amend the ORIGINAL CONTRACT to
<br />reduce the loan amount by $26,298.56 to $3,688,567.74.
<br />
<br />NOW THEREFORE, the parties hereby agree that
<br />
<br />1. '~sideration for this Amendment to the ORIGINAL CONTRACT consists of the 'payments which shall be made
<br />pursuant to this Amendment and the ORIGINAL CONTRACT and the promises and agreements herein set forth.
<br />
<br />2. The parties expressly agree that this Amendment is supplemental to the ORIGINAL CONTRACT, and all tenns,
<br />conditions, and provisions of the ORIGINAl:. CONTRACT, unless specifically modified. herein, are to apply to this
<br />
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<br />Lower Arkansas Water Management Association
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<br />Page 10f 3
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<br />Amendment..#4
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