C150179 Contract

• Contract/PO #: C150179
• Contractor Name: Henry Bolen Ditch Company
• Contract Type: Loan
• Water District: 34
• County: Montezuma
• Loan Projects - Doc Type: Contract Documents

BORROwER: HENRY BOLEN DITCH Agency Name: Water Conservation Board
COMPANY Agency Number PDA
Contract No. C150179 Routing Number: 08 PDA t
Original Loan Amount $520,150
Adjustment (Decrease): $476,827.66
Adjusted Loan Amount $43,322.34
LOAN CONTRACT AMENDMENT NO. 1
(STANDARD CONTRACT — WAIVER #160 — APPROVED NOVEMBER 1 O, 2003)
This Amendment, made this March 30, 2007, 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 Henry Bolen Ditch Company, P.O. Box 308,
Mancos, CO 81328, a Colorado nonprofit corporation (" BORROWER " or " 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 C150179.
B. Required approval, clearance, and coordination have been accomplished from and with
appropriate agencies.
C. The CWCB and the BoRROwER entered into Contract Encumbrance Number C150179,
dated October 20, 2004 (" ORIGINAL CONTRACT incorporated herein by reference,
wherein the CWCB agreed to loan money in the total amount up to $520,150, and the
BORROWER agreed to repay the loan in accordance with the terms of the ORIGINAL
CONTRACT.
D. The project financed with the loan proceeds was substantially complete as of August 1,
2005, and of the $520,150 loan amount available, the BORROWER used only
$328,786.48.
E. On July 28, 2005, the BoRROwER made a payment of $292,926 in accordance with
Section 7.3 of Appendix 1 of the ORi�iNA� CorvT�,cT. Said payment was applied to
interest accrued during construction of the project, the loan origination fee, and principal
reduction, leaving a final loan amount of $43,322.34.
F. The parties agree to amend the contract to reduce the final loan amount to $43,322.34,
and to secure this loan with a pledge of revenues backed by a rate covenant and
annual statement of debt coverage.
NOW THEREFORE, it is hereby agreed that
1. Consideration for this Amendment to the ORi�iNa� CoNTw�cT consists of the payments
that shall be made pursuant to this Amendment alld ORIGINAL CONTRACT and the
promises and agreements herein set forth.
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
Loan Contract C150179 Amendment No. 1
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