C150190 Contract

• Contract/PO #: C150190
• Contractor Name: Beaver Reservoir Company
• Contract Type: Loan
• Water District: 59
• County: Gunnison
• Loan Projects - Doc Type: Contract Documents

BORROWER: BEAVER RESERVOIR
COMPANY
Contract No. C150190
Original Loan Amount $ 129,785
Adjustment (Increase): $25,250
Adjusted Loan Amount $ 155,035
Agency Name: Water Conservation Board
Agency Number
Routing Number:
•�.
07 PDA dov
LOAN CONTRACT AMENDMENT NO. 1
(STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 1 O, 2003)
This Amendment, made this October 30, 2006, by and between the State of
Colorado for the use and benefit of the Department of Natural Resources, Colorado
Water Conservation Board ("CWCB"), and Beaver Reservoir Company, P.O. Box 120,
Hotchkiss, CO 81419, a Colorado nonprofit corporation (" BORROWER ").
FACTUAL RECITALS
A. Authority exists in the law, and funds have been budgeted, appropriated, and
otherwise made available for payment in Contract Encumbrance Number C150190.
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
C150190, dated June 13, 2005, (" ORIGINAL CONTRACT incorporated herein by
reference, wherein the CWCB agreed to loan money in the total amount up to
$129,785, 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 cost
overruns not anticipated in the original project cost estimate. These overruns
increased the cost of the PRO�ECT by $30,000. To meet the increased costs, the
BORROWER requested an additional $25 ,000 for a total loan amount of $155,035
E. At its September 2006, meeting, the CWCB approved increasing this loan by $25,250
for a total loan amoun# of up to $155,035 to finance up to 90% of the total Project
costs. The terms for the additional loan amount are an interest rate of 2.5% per
annum and a repayment period of 30 years. A loan service fee of 1% shall be
imposed on the additional loan amount In accordance with CWCB Policy No.36.
F. The CWCB and the BoRROwER have agreed to amend this contract to increase the
amount of the loan by $25,000 plus the 1% loan service fee for a total loan amoun# of
up to $155,035 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� CorvTRacT consists of the payments
that shall be made pursuant to this Amendment and the ORi�itva� CorvTwo,cT, 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
specifically modified herein, are to apply to this Amendment as though they were
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