LPPD000447

• Contract/PO #: C150170
• Contractor Name: North Poudre Irrigation Company
• Contract Type: Loan
• Water District: 3
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

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BORROWER: NORTH POUDRE IRRIGATION
Co.
Contract No. C150170
Original Loan Amount $614,080
Adjustment (Increase): $121,200
Adjusted Loan Amount $735,280
Agency Name: Water Conservation Board
Agency Number PDA
Routing Number: 07 PDA '%�cj 1
LOAN CONTRACT AMENDMENT NO. 1
(STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 1 O, 2003)
This Amendment, made this November 3, 2006, by and befinreen the State of
Colorado for the use and benefit of the Department of Natural Resources, Colorado
Water Conservation Board ("CWCB"), and The North Poudre Irrigation Company, 3229
Cleveland Avenue, Wellington, Colorado 80539, a Colorado nonprofit corporation
("BORROWER" OP "CONTRACTOR"�.
FACTUAL RECITALS
A. Authority exists in the law, and funds have been budgeted, appropriated, and
otherwise made available for payment in Contract Encumbrance Number C150170.
B. Required approval, clearance, and coordination have been accomplished from and
with appropriate agencies.
C. The CWCB and the BORROWER entered into Cantract Encumbrance Number
C150170, dated August 1, 2004 (" ORIGINAL CONTRACT incorporated herein by
reference, wherein the CWCB agreed to loan money in the total amount up to
$614,080, and the BoRROwER agreed to repay the loan in accordance with the terms
Of the ORIGINAL CONTRACT. �
D. During construction of the Project, the BORROWER encountered unforeseen
additional work and cost variations �for specific items not anticipated in the original
project cost estimate. These items increased the cost of the PRO�ECr by $403,405.
To meet the increased costs, the BoRROwER requested an additional $120,000 for
a total loan amount of $735,280.
E. At its July 2006 meeting, the CWCB approved increasing this loan by $120,000 for a
total loan amount of up to $735,280 to finance up to 90% of the total Project costs.
The terms for the additional loan amount are an interest rate of 3.25% per annum and
a repayment period of 20 years. A loan service fee of 1% shall be imposed on the
additional loan amount In accordance with CWCB Policy No. 16.
F. The CWCB and the BoRROwER have agreed to amend this contract to increase the
amount of the loan by $120,000 plus the 1°Io loan service fee for a total loan amount
of up to $735,280 which may be used to finance up to 90% of the total Project cost.
NOW THEREFORE, it is hereby agreed that
1. Consideration for this Amendment to the ORi�iNa� CoNTRacr consists of the payments
that shall be made pursuant to this Amendment and the ORi�irva� CoNTRacT, and the
promises and agreements herein set forth.
2. 2. It is expressly agreed by the parties that this Amendment is supplemental to the
ORIGINAL CONTRACT and all terms, conditions, and provisions thereof, unless
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