|
~~
<br />~ 9`.;`.:
<br />f~
<br />BORROWER: BIJOU IRRIGATION DISTRICT Agency Name: Water Conservation Board
<br />Contract No. C150256 Agency Number PDA
<br />Original Loan Amount $654,480 Routing Number: 09 PDA ~CL~6~3
<br />Adjustment (Increase): $1,436,220
<br />Adjusted Loan Amount $2,090,700
<br />LOAN CONTRACT AMENDMENT NO. 1
<br />(STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 1 O, 2003)
<br />This Amendment, made this December 1, 2008, by and between the State of
<br />Colorado for the use and benefit of the Department of Natural Resources, Colorado
<br />Water Conservation Board ("CWCB"), and Bijou Irrigation District, P.O. Box 972, Fort
<br />Morgan, CO 80701, organized under the Irrigation District Law of 1905 (C. R.S. 37-41-101
<br />to -160) ("BORROWER" or "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 C150256.
<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 />C150256, dated March 7, 2008 ("ORIGINAL CONTRACT"), incorporated herein by
<br />reference, wherein the CWCB agreed to loan money in the total amount up to
<br />$654,480, and the BORROwER agreed to repay the loan in accordance with the terms
<br />Of tllG' ORIGINAL CONTRACT.
<br />D. During construction of the Project, the BORROWER encountered unforeseen site
<br />conditions, design modifications, and a need for additional work not anticipated in
<br />the original project cost estimate. These items increased the cost of the PRO~ECT by
<br />$1,580,000. To meet the increased costs, the BoRROwER requested an additional
<br />$1,436,220 for a total loan amount of $2,090,700.
<br />E. At its November 19, 2008 meeting, the CWCB approved increasing this loan by
<br />$1,436,220 for a total loan amount of up to $2,090,700 to finance up to 90% of the
<br />total Project costs. The terms for the additional loan amount are an interest rate of
<br />2.25% per annum and a repayment period of 30 years. A loan service fee of 1% is
<br />included in the additional loan amount In accordance with CWCB Policy No. 16.
<br />F. The CWCB and the BoRROwER have agreed to amend this contract to increase the
<br />amount of the loan by $1,436,220 including the 1% loan service fee for a total loan
<br />amount of up to $2,090,700 which may be used to finance up to 90% of the total
<br />Project cost.
<br />NOW THEREFORE, it is hereby agreed that
<br />i. Consideration for this Amendment to the ORi~nva~ CorvTRACT consists of the payments
<br />that shall be made pursuant to this Amendment and the ORiG~rvA~ 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 />Page 1 of 5
<br />
|