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., <br />~ <br />AGENCY NAME: Water Conservation Board <br />AGENCY NUMBER: PDA <br />ROUTING NUMBER: 98 PDA ~ J(~~ <br />CONTRACT AMENDMENT No.1 <br />THIS AMENDMENT, made thi ~~' day of /~`~Qt~~. 1998, by and <br />between the State of Colorado for the use and benefit of the Department of Natural Resources, <br />Colorado Water Conservation Board (CWCB), hereinafter referred to as the STaTE, and The <br />Excelsior Irrigating Company, 231 Nyberg Road, Pueblo, CO 81006, hereinafter refeRed to <br />as the BoRROwER and/or the CoNTRacTOR. ~ <br />FACTUAL RECITALS <br />A. Authority exists in the law, and funds have been budgeted, appropriated, and otherwise <br />made available and a sufficient unencumbered balance thereof remains available for <br />payment in Fund Number 424, Appropriation Code SPL, GBL E748 Program WTRC, <br />Object Code 5110, Reporting Category 3748, Contract Encumbrance Number C153748. <br />B. Required approval, clearance, and coordination has been accomplished from and with <br />appropriate agencies. <br />C. The STaTE and the CoNTRa,cTOR entered into a contract dated April 15, 1997, Contract <br />Encumbrance Number C153748, hereinafter referred to as ORIGINAL CONTRACT, <br />incorporated herein by reference, wherein the STaTE agreed to ioan money in the total <br />amount of $100,000, and the CoNTt~acTOR agreed to repay the loan in accordance with the <br />terms of the ORIGINAL CONTRACT. <br />D. Under the ORIGINAL CONTRACT, C.R. Evans ("EvAtvs"), the majority stockholder of the <br />CONTRACTOR, COC1Veyed 8 SeCU~lty 111te~eSt t0 the STATE It1 2883 shares of stock of the <br />Excelsior Irrigating Company ("Excelsior shares"), owned by him in his individual capacity, <br />to secure the loan to the CoNTRacTOR. <br />E. EvaNS subsequently requested that the STaTE release its security interest in 1,007 of the <br />Excelsior shares to enable him to sell the shares to the Arkansas Groundwater Users <br />Association ("AGUA") to use as part of AGUA's augmentation plan. AGUA has o6tained a <br />loan from the STaTE to finance the purchase of the 1,007 Excelsior shares and will convey a <br />security interest to the STaTE in said shares to secure that loan. <br />F. At its September 22-23, 1997 meeting, the CWCB authorized the release of its security <br />interest in the 1007 shares of stock of the Excelsior Irrigating Company, represented by <br />Certificate No. 5, conditioned upon a determination by the staff and the Executive Director <br />that the remaining 1,876 Excelsior shares will constitute adequate collateral for both the <br />loan made under the ORi~iNa~ CoNTwacT and a subsequent loan to the CoNTRacTOR of <br />$230,000, based upon the staff's review of an appraisal of the water rights represented by <br />the Excelsior shares. <br />Page 1 of 3 <br />