C150180 Contract

• Contract/PO #: C150180
• Contractor Name: Pinewood Springs Water District
• Contract Type: Loan
• Water District: 4
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

BORROWER: PINEWOOD SPRINGS WATER
DISTRICT
Contract No. C150180
Original Loan Amount $2,054,188
Adjustment (Increase): $757,501
Adjusted Loan Amount $2,811,689

Agency Name: Water Conservation Board
Agency Number PDA
Routing Number: 08 PDA iJ/1 //L/
r

LOAN CONTRACT AMENDMENT No. 1
(STANDARD CONTRACT- WAIVER#160-ApPROVED NOVEMBER 10, 2003)

This Amendment, made this May 15, 2008, by and between the State of Colorado
for the use and benefit of the Department of Natural Resources, Colorado Water
Conservation Board ("CWCB"), and Pinewood Springs Water District, a Colorado special
district, 182 Cree Court, Lyons, Colorado 80540 ("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 C150180.
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 C150180,
dated February 1, 2005 ("ORIGINAL CONTRACT"), incorporated herein by reference,
wherein the CWCB agreed to loan money in the total amount up to $2,054,189, and the
BORROWER agreed to repay the loan in accordance with the terms of the ORIGINAL
CONTRACT.
D. The BORROWER has requested an extension in the time the CWCB has allowed for
completion of the Project.
E. The CWCB has reviewed the BORROWER'S request and has agreed to amend this
contract to extend the time for completion until May 1, 2009.
F. Furthermore, during construction of the Project, the BORROWER encountered
unforeseen cost overruns due to design modifications from regulatory agencies.
These items increased the cost of the PROJECT by over $1,000,000. To meet the
increased costs, the BORROWER requested an additional $757,501 for a total loan
amount of $2,811 ,689.
G. At its March 2008 meeting, the CWCB approved increasing this loan by $757,501 for a
total loan amount of up to $2,811,689. The terms for the additional loan amount are
an interest rate of 4.00% 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.
H. The CWCB and the BORROWER have agreed to amend this contract to increase the
amount of the loan by $750,000 plus the 1 % loan service fee for a total loan amount of
up to $2,811,689.

Loan Contract C150180 Amendment No.1
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