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BORROWER: DOLORES WATER Agency Name: Water Conservation Board <br />CONSERVANCY DISTRICT, ACTING BY AND Agency Number PDA <br />THROUGH THE DOLORES WATER Routing Number: 07 PDA C~GC S~Z <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 />LOAN CONT ENDMENT NO. 2 <br />STANDARD CONTRACT- ~APPROVED NOVEMBER 10, 2003 <br />( ~ ~ <br />This Amendment, made thi 2 06, by and between the State of <br />Colorado for the use and b~ f ent of Natural Resources, Colorado <br />Water Conservation Board ("C ), and Dolores Water Conservancy District, acting by <br />and through the Dolores Water Conservancy District Water Activity Enterprise, P.O. Box <br />1150, COIfEZ, CO 81321 ("BORROWER" O~ "CONTRACTOR"~. <br />FACTUAL RECITALS <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 ORi~iNa~ CoNTRa,cT. <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 ORi~iNa~ CorvTRacT 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 befinreen 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 />