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<br />BORROWER: LAKE MEREDITH RES. CO.
<br />Contract No. C150137
<br />Original Loan Amount $1,000,000
<br />Adjustment (Increase): $471,500
<br />Adjusted Loan Amount $1,471,500
<br />(Project Costs $1,456,930, 1 % LSF $14,570)
<br />
<br />Agency Name: Water Conservation Board
<br />Agency Number PDA
<br />Routing Number: 04 PDA 00055
<br />
<br />LOAN CONTRACT AMENDMENT No. 1
<br />(STANDARD CONTRACT - WAIVER #160 - APPRoVED NOVEMBER 10, 2003)
<br />
<br />This Amendment is made this December 15, 2003, by and between the State of
<br />Colorado for the use and benefit of the Department of Natural Resources, Colorado
<br />Water Conservation Board ("CWCB"), and The Lake Meredith Reservoir Company, a
<br />Colorado nonprofit corporation ("BORROWER" or "CONTRACTOR").
<br />
<br />FACTUAL RECITALS
<br />
<br />A. Authority exists in the law, and funds have 'been budgeted, appropriated, and
<br />otherwise made available for payment in Contract Encumbrance Number C150137,
<br />Fund Number 424, Appropriation Code MC3, GBL L 137, Reporting Category 0137.
<br />B. Required approval, clearance, and coordination have been accomplished from and
<br />with appropriate agencies.
<br />C. The CWCB and the BORROWER entered into Contract Encumbrance Number
<br />C150137, dated May 1, 2003 ("ORIGINAL CONTRACT"), incorporated herein by
<br />reference, wherein the CWCB agreed to loan money in the total amount up to
<br />$1,000,000, and the BORROWER agreed to repay the loan in accordance with the
<br />terms of the ORIGINAL CONTRACT.
<br />D. During construction of the PROJECT, the BORROWER incurred cost overruns due to
<br />unforeseen site conditions, design modifications and additional work not included in
<br />the PROJECT'S original cost estimate. The actual cost of the PROJECT was
<br />$1,962,000. To meet the increased costs, the BORROWER requested an additional
<br />$471,500 for a total loan amount of $1,471,500, not to exceed 75% of the total
<br />PROJECT costs.
<br />E. At its November 2003 meeting, the CWCB approved increasing this loan by $471 ,500
<br />for a total loan amount of up to $1,471,500 to finance up to 75% of the total PROJECT
<br />costs and 1 % loan service fee in accordance with CWCB Policy No. 16. The terms for
<br />the additional loan amount are an interest rate of 4% per annum and a repayment
<br />period of 30 years.
<br />F. The CWCB and the BORROWER have agreed to amend this contract to increase the
<br />amount of the loan by $471,500 including the 1% loan service fee for a total loan
<br />amount of up to $1,471,500 that may be used to finance up to 75% of the total
<br />PROJECT cost.
<br />NOW THEREFORE, it is hereby agreed that
<br />1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments
<br />that shall be made pursuant to this Amendment and the ORIGINAL CONTRACT, and the
<br />promises and agreements herein set forth.
<br />2. It is expressly agreed by the parties that this Amendment is supplemental to the
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