C150189 Contract

• Contract/PO #: C150189
• Contractor Name: Larimer and Weld Irrigation Company, The
• Contract Type: Loan
• Water District: 2
• County: Weld
• Loan Projects - Doc Type: Contract Documents

BORROWER: LARIMER AND WELD
IRRIGATION COMPANY
Contract No. C150189
Original Loan Amount $1,515,000
Adjustment (Increase): $105,492
Adjusted Loan Amount $1,620,492

Agency Name: Water Conservation Board
Agency Number PDA
Routing Number: 08 PDA tJ(J~5r

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

This Amendment, made this 4th day of January, 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 Larimer & Weld Irrigation Company, P.O. Box 206,
Eaton, CO 80615, a Colorado 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 C150189.
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 C150189,
dated December 15, 2004, ("ORIGINAL CONTRACT"), incorporated herein by reference,
wherein the CWCB agreed to loan money in the total amount up to $1,515,000, 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 items increased
the cost of the PROJECT by $116,020. To meet the increased costs, the BORROWER
requested an additional $105,492 for a total loan amount of $1 ,620,492.
E. At its September 2007 meeting, the CWCB approved increasing this loan by $105,492
for a total loan amount of up to $1,620,492 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. 16.
F. The CWCB and the BORROWER have agreed to amend this contract to increase the
amount of the loan by $105,492 plus the 1 % loan service fee for a total loan amount of
up to $1,620,492 which may be used to finance up to 90% of the total Project cost.
G. Furthermore, the BORROWER has requested an extension in the time the CWCB has
allowed for completion of the Project.
H. The CWCB has reviewed the BORROWER'S request and has agreed to amend this
contract to extend the time for completion of the project for an additional 2 years.
NOW THEREFORE, it is hereby agreed that
1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments
that shall be made pursuant to this Amendment and the ORIGINAL CONTRACT, and the
promises and agreements herein set forth.

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