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<br />" <br /> <br />BORROWER: DOLORES WATER <br />CONSERVANCY DISTRICT, ACTING BY AND <br />THROUGH THE DOLORES WATER <br />CONSERVANCY DISTRICT WATER ACTIVITY <br />ENTERPRISE <br />Contract No. C150058A, and Amended <br />September 1 , 2005 <br />Original Loan Amount $5,461,200 <br />Adjustment (Decrease): $2,935,026 <br />Adjusted Loan Amount $2,526,174 <br /> <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />Routing Number: 07 PDA 06t> 5";2,- <br /> <br />LOAN CONTRACT AMENDMENT No.2 <br />(STANDARD CONTRACT - WAIVER #160 - ApPROVED NOVEMBER 10, 2003) <br /> <br />This Amendment, made this December 28, 2006, by and between the State of <br />Colorado for the use and benefit of the Department of Natural Resources, Colorado <br />Water Conservation Board ("CWCB"), and Dolores Water Conservancy District, acting by <br />and through the Dolores Water Conservancy District Water Activity Enterprise, P.O. Box <br />1150, Cortez, CO 81321 ("BORROWER" or "CONTRACTOR"). <br /> <br />FACTUAL ReCITALS <br /> <br />A. Authority exists in the law, and funds have been budgeted, appropriated, and <br />otherwise made available for payment in Contract Encumbrance Number C150058A. <br />B. Required approval, clearance, and coordination have been accomplished from and <br />with appropriate agencies. <br />C. The CWCB and the BORROWER entered into Contract Encumbrance Number <br />C150058A, dated December 10, 2002, and amended on September 1, 2005 <br />("ORIGINAL CONTRACT"), incorporated herein by reference, wherein the CWCB agreed <br />to loan money in the total amount up to $5,461,200, and the BORROWER agreed to <br />repay the loan in accordance with the terms of the ORIGINAL CONTRACT. <br />D. On January 26, 2005, the CWCB approved a new loan to the BORROWER (the "New <br />Loan"), denoted as Loan Contract No. 150193 (the "New Loan Contract"). The Board <br />approved the New Loan with the condition that the BORROWER amend its Original <br />Contract to add, as additional security, the pledge of BORROWER'S revenues necessary <br />to assure payment under the ORIGINAL CONTRACT of the annual debt service until such <br />date as the BORROWER makes its first payment to the CWCB from its fund established <br />under an Investment Agreement between the BORROWER and MBIA Inc. dated <br />December 5, 2002 ("Fund"). <br />E. Borrower and the CWCB entered into such First Amendment on September 1, 2005. <br />F. Borrower has the opportunity to increase the return on its Fund by amending the Fund <br />Investment Agreement and the Original Contract. <br />G. The parties agree to amend the Original Contract and the First Amendment to reflect <br />Loan Contract C150058A Amendment No.2 <br />Page 1 of 6 <br />