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<br />. . <br /> <br />,j} <br /> <br />the calendar year in which the project <br />reservoir first fills to 25.000 acre-feet. <br />Repayment shall be made in semi-annual <br />installments as shown in Exhibit C (as <br />amended). attached hereto and incorporated by <br />reference herein. with interest only being due <br />and payable on May 15 of each year and with <br />principal and interest being due and payable on <br />November 15 of each year. The first of such <br />installments pursuant to Exhibit C (as amended) <br />shall be due and payable on May 15 of the <br />calendar year following the calendar year in <br />which the project reservoir first fills to <br />25.000 acre-feet. Subsequent installments <br />shall be due and payable semi-annually <br />thereafter on November 15 and May 15 of each <br />calendar year. Said semi-annual installment <br />payments shall be made payable to the Colorado <br />Water Conservation Board at the offices of said <br />Board in Denver. Colorado. <br /> <br />b. In the event that the construction of the <br />physical facilities necessary for the storage <br />of water are not completed by May 15. 1990. for <br />any reason whatsoever. the tractor shall <br />repay to the State any i s which the State <br />has loaned to the C:t pur~nt to this <br />contract with intere ereo co ncing on <br />May 15. 1990. at the ate ercent (5%) <br />per annum. said repa5n e made in equal <br />semi-annual instal] er forty years with <br />interest being the . s charge. The first of <br />such installments s all be due and payable on <br />May 15. 1991. Subsequent installments shall be <br />due and payable semi-annually thereafter on <br />November 15 and May 15 of each year. Said <br />semi-annual installment payments shall be made <br />payable to the Colorado Water Conservation <br />Board at the offices of said Board in Denver. <br />Colorado." <br /> <br />3. Delete the first sentence of paragraph B.18. of the original <br />contract and insert in lieu thereof the following new language: <br /> <br />"In order to evidence its obligations to provide for <br />the payment of the principal of the loan made to the <br />Contractor pursuant to this agreement and the interest <br />on such loan. the Contractor has issued its Water <br />Conservancy Bond (Limited Tax). 1987 Series A. in the <br />principal amount of Seven Million Nine Hundred <br />Thousand Dollars ($7.900.000) (herein the 'Bond') <br />pursuant to a resolution adopted on April 15. 1987. as <br />amended (the I Resolution' )." JVN6 <~"i't:'r{ ~ <br /> <br />4. Delete Exhibit C of the original contract~r~e ;t <br />with a new Exhibit C which is attached hereto and identified as <br />"Exhibit C (as amended )-. <br /> <br />5. All other provisions of the original contract not herein <br />amended shall remain in full force and effect as set forth in <br />the original contract. <br /> <br />Page ~ of i Pages <br />