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<br />BORROWER: PINE RIVER-BAYFIELD DITCH
<br />CO.
<br />Contract No. C150154
<br />Original loan Amount $200,000
<br />Increase: $30,300
<br />Adjusted loan Amount $232,300
<br />
<br />LOAN CONTRACT AMENDMENT No.1
<br />
<br />(STANDARD CONTRACT - WAIVER #160 - ApPROVED NOVEMBER 10, 2003)
<br />
<br />Agency Name: Water Conservation Board
<br />Agency Number PDA
<br />Routing Number: 06 PDA tiPo/r
<br />
<br />This Amendment, made this August 5,2005, by and between the State of Colorado
<br />for the use and benefit of the Department of Natural Resources, Colorado Water
<br />Conservation Board ("CWCB"), and The Pine River-Bayfield Ditch Company, P.O. Box 3345,
<br />Bayfield, Colorado 81302, a 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 otherwise
<br />made available for payment in Contract Encumbrance No. C150154, Fund Number 424,
<br />Appropriation Code MC3, Organization YYVY, GBl P154, Program WTRC, Object Code
<br />5882, Reporting Category 0154.
<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 C150154,
<br />dated October 1, 2003 ("ORIGINAL CONTRACT"), incorporated herein by reference, wherein
<br />the CWCB agreed to loan money in the total amount up to $202,000 ($200,000 for Project
<br />costs and $2,000 for the 1 % loan Service Fee), and the BORROWER agreed to repay the
<br />loan in accordance with the terms of the ORIGINAL CONTRACT.
<br />
<br />D. During constructions, the BORROWER faced construction costs that exceeded the initial
<br />engineering estimate. To meet the increased costs, the BORROWER requested an
<br />additional $30,000 for a total loan amount of $232,300.
<br />
<br />E. At its November 16-17, 2004 meeting, the CWCB approved increasing this loan by
<br />$30,300 ($30,000 for Project costs and $300 for the 1 % loan Service Fee) for a total loan
<br />amount of up to $232,300 of the total Project costs. The terms for the additional loan
<br />amount are an interest rate of 2.75% per annum and a repayment period of 30 years.
<br />
<br />F. The CWCB and the BORROWER have agreed to amend this contract to increase the
<br />amount of the loan by $30,300 ($30,000 for Project costs and $300 for the 1 % loan
<br />Service Fee) for a total loan amount of up to $232,300 to finance Project costs.
<br />
<br />NOW THEREFORE, it is hereby agreed that
<br />
<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 />
<br />2. 2. It is expressly agreed by the parties that this Amendment is supplemental to the
<br />ORIGINAL CONTRACT and all terms, conditions, and provisions thereof, unless specifically
<br />modified herein, are to apply to this Amendment as though they were expressly rewritten,
<br />
<br />Loan Contract C150154 Amendment No. 1
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