Laserfiche WebLink
<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 <br /> <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />Routing Number: 06 PDA ~OtJ 3l <br /> <br />LOAN CONTRACT AMENDMENT No. 1 <br /> <br />This Amendment, made this September 1, 2005, by and between the State of <br />Colorado for the use and benefit of the Department of Natural Resources, Colorado Water <br />Conservation Board ("CWCB"), and Dolores Water Conservancy District, acting by and <br />through the Dolores Water Conservancy District Water Activity Enterprise ("BORROWER" <br />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 Number C150058A. <br />B. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br />C. The CWCBand the BORROWER entered into Contract Encumbrance Number <br />C150058A, dated December 10, 2002 ("ORIGINAL CONTRACT"), incorporated herein by <br />reference, wherein the CWCB agreed to loan money in the total amount up to <br />$5,461,200, and the BORROWER agreed to repay the loan in accordance with the terms <br />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 Board approved the New Loan <br />with the condition that the BORROWER amend its existing loan, Loan No. C150058A, to <br />add, as additional security, the pledge of BORROWER'S revenues necessary to assure <br />payment under the ORIGINAL CONTRACT of the annual debt service until such date as the <br />BORROWER makes its first payment to the CWCB from its fund established under an <br />Investment Agreement between the BORROWER and MBIA, Inc. dated December 5, <br />2002. <br />E. The parties agree to amend the ORIGINAL CONTRACT to add the required security. <br />NOW THEREFORE, it is hereby agreed that <br />1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments <br />that shall be made pursuant to this Amendment and ORIGINAL CONTRACT and the <br />promises and agreements herein set forth. <br />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 <br /> <br />Loan Contract C150058A Amendment No.1 <br />Page 1 of 5 <br />