C150185 Contract

• Contract/PO #: C150185
• Contractor Name: Mancos Valley Beaver Ditch Company
• Contract Type: Loan
• Water District: 34
• County: Montezuma
• Loan Projects - Doc Type: Contract Documents

C /
BORROWER: MANCOS VALLEY BEAVER
DITCH CO.
Contract No. C150185
Original Loan Amount $417,130
Adjustment (Increase/Decrease):
$496,668
Adjusted Loan Amount $913,798
Agency Name: Water Conservation Board
Agency Number PDA
Routing Number: 06 PDA ~~ 0 b
LOAN CONTRACT AMENDMENT NO. 1
(STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 1 O, 2003)
This Amendment, made this February 10, 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 Mancos Valley Beaver Ditch Company, P.O. Box 308,
Mancos, CO 81328, a Colarado 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 C150185.
B. Required approval, clearance, and coordination have been accomptished from and with
appropriate agencies.
C. The CWCB and the BoRROVV~R entered into Contract Encumbrance Number C150185,
dated August 15, 2005 ("ORiCy1NAL CONTRACT"~, incorporated herein by reference,
wherein the CWCB agreed to loan money in the total amount up to $417,130, and the
BORROWER agreed to repay the loan in aCCOlYIa11CG' Wlth tI'1@ t@I"171S Of tI'12 ORIGINAL
CONTRACT.
D. Due to an error in the ~riginal PRO~ECr scope related to pipe size, the BoRROV+~R
encountered an increase in PROJECT cost. This item increased the cost of the
PRO.~ECT by $496,668. To meet the increased costs, the BoRROV-~R requested an
additional $496,668 for a total loan amount of $913,798.
E. At its January 25, 2006 meeting, the CWCB approved increasing this loan by $496,668
for a total loan amount of up to $913,798 to finance up to 100% of the total PRO~ECT
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. 16.
F. The CWCB and the BoRROwER have agreed to amend this contract to increase the
amount of the loan by $496,668 including the 1% loan service fee for a total loan
amount of up to $913,798 which may be used to finance up to 100% of the total Project
cost.
NOW THEREFORE, it is hereby agreed that
1. Consideration for this Amendment to the ORi~iNA~ CorvrRacr consists of the payments
that shall be made pursuant to this Amendment and the ORi~iNa~ CotvTRacT, and the
promises and agreements herein set forth.
Loan Contract C150185 Amendment No.1
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