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<br />( <br /> <br />PAID <br /> <br />BORROWER: LOWER ARKANSAS WATER <br />MANAGEMENT!S..iIAi6ULL <br />Contract No. !3~8 .J.1 <br /> <br />Agency Name: Water Conservation Board <br />Agency Number PDA d <br />Routing Number: 04 PDA cofJ6 <br /> <br />LOAN CONTRACT AMENDMENT No.1 <br /> <br />This Amendment is made this April 1, 2004, by and between the State of Colorado for <br />the use and benefit of the Department of Natural Resources, Colorado Water Conservation <br />Board ("CWCB"), and the Lower Arkansas Water Management Association, a Colorado <br />nonprofit corporation ("BORROWER" and/or "CONTRACTOR"). <br /> <br />FACTUAL RECITALS <br /> <br />A. Authority exists in the law, and funds have been budgeted, appropriated, and otherwise <br />made available for payment in Contract Encumbrance Number C153678, Fund 424, <br />Appropriation Code 201. <br /> <br />B. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br /> <br />C. The CWCB and the BORROWER entered into Contract Encumbrance Number C153678 <br />dated May 11, 1994, hereinafter referred to as ORIGINAL CONTRACT and incorporated herein <br />by reference, wherein the STATE agreed to loan money in the total amount of $65,000, <br />hereinafter referred to as the LOAN, and the BORROWER agreed to repay the LOAN in <br />accordance with the terms of the ORIGINAL CONTRACT. <br /> <br />D. Section 37-60-120 (3), C.R.S., authorizes the CWCB to defer annual loan payment(s) if, in <br />the CWCB's opinion, the entity requesting such deferral demonstrates that it has <br />encountered significant and unexpected financial difficulties and that it has been duly diligent <br />in its efforts to comply with the repayment provisions of its contract with the CWCB. <br /> <br />E. The BORROWER submitted a letter dated October 21, 2002, incorporated herein by <br />reference, which describes additional unexpected financial difficulties in the form of <br />increased legal and engineering costs associated with the Kansas v. Colorado case. The <br />costs, which were originally estimated at $120,000 in 2001, increased to over $300,000. <br /> <br />F. At its November 25,2002 meeting, the CWCB found that the BORROWER had encountered <br />significant and unexpected financial difficulties and that it has been duly diligent in its efforts <br />to comply with the repayment provisions of this contract, and approved deferral of the <br />BORROWER'S November 2003 loan payment pursuant to ~ 37-60-120(3), C.R.S. The <br />approval provided that the November 2003 loan payment would be deferred, the interest <br />amount of the loan payment would be added to the current loan balance, and the new loan <br />balance re-amortized over the loan's remaining 3 years of repayment. <br /> <br />G. The parties agree to amend the ORIGINAL CONTRACT to defer the BORROWER'S November <br />2003 loan payment and to incorporate new clauses recently adopted by the CWCB and the <br />State Controller. <br /> <br />NOW THEREFORE, the parties hereby agree that <br /> <br />1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments, <br />which shall be made pursuant to this Amendment and the ORIGINAL CONTRACT and the <br />promises and agreements herein set forth, <br /> <br />2. The parties expressly agree that this Amendment is supplemental to the ORIGINAL CONTRACT <br />and all terms, conditions, and provisions of the ORIGINAL CONTRACT, unless specifically <br /> <br />Page 1 of 3 <br />