C150288 Contract

• Contract/PO #: C150288
• Contractor Name: Deuel and Snyder Improvement Company
• Contract Type: Loan
• Water District: 0
• County: Morgan
• Loan Projects - Doc Type: Contract Documents

BORROWER: DEUEL AND SNYDER
IMPROVEMENT COMPANY
Contract No. C150288
Original Loan Amount $90,900
Adjustment (Increase): $18,153
Adjusted Loan Amount $109,053
Agency Name: Water Conservation Board
Agency Number PDA
C-M 5 40- �f/. S?6
LOAN CONTRACT AMENDMENT NO.1
(STANDARD CONTRACT — WAIVER #160— APPROVED NOVEMBER 10, 2003)
This Amendment, made this February 14, 2012, by and between the State of
Colorado for the use and benefit of the Department of Natural Resources, Colorado
Water Conservation Board ( "CWCB "), and the Deuel and Snyder Improvement Company,
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 C150288.
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
C150288, dated May 18, 2009 ( "ORIGINAL CONTRACT "), incorporated herein by
reference, wherein the CWCB agreed to loan money in the total amount up to
$90,900, and the BORROWER agreed to repay the loan in accordance with the terms of
the ORIGINAL CONTRACT.
D. During bidding of the Project, the BORROWER encountered unforeseen costs not
anticipated in the original project cost estimate. These items increased the cost of
the PROJECT to $119,970. To meet the increased costs, the BORROWER requested
an additional $18,153 for a total loan amount of $109,053.
E. At its January 2012 meeting, the CWCB approved increasing this loan by $18,153 for
a total loan amount of up to $109,053 to finance up to 90% of the total Project costs.
The terms for the additional loan amount are an interest rate of 2.50% per annum
and a repayment period of 30 years. A loan service fee of I% has been imposed on
the additional loan amount In accordance with CWCB Policy No. 16.
F. Furthermore, the BORROWER has requested an extension in the time the CWCB has
allowed for completion of the Project.
G. The CWCB and the BORROWER have agreed to amend this contract to increase the
amount of the loan by $18,153 including the 1% loan service fee for a total loan
amount of up to $109,053 which may be used to finance up to 90% of the total Project
cost, and to extend the time for completion of the project for an additional two (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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