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Contract Amendment No. 2
<br />This Amendment, made this 21St day of September 2001, by and between the
<br />State of Colorado for the use and benefit of the Department of Natural Resources,
<br />Colorado Water Conservation Board, hereinafter referred to as CWCB or STATE, and The
<br />Consolidated Mutual Water Company, hereinafter referred to as Borrower and/or
<br />CONTRACTOR.
<br />Factual Recitals
<br />A. Authority exists in the law, and funds have been budgeted, appropriated, and
<br />otherwise made available and a sufficient nencumbered balance thereof remains
<br />available for payment in Fun ,Appropriation Code L99, Contract
<br />Encumbrance Number C150011
<br />B. Required approval, clearance, an ~ been accomplished from and
<br />with appropriate agencies. lJ
<br />C. The CWCB and the CONT ToR entered into Contract Encumbrance Number
<br />C150011, dated October 13, 1999, and amended May 1, 2000, hereinafter referred to
<br />aS ORIGINAL CONTRACT, incorporated herein by reference, wherein the CWCB agreed
<br />to loan money in the total amount of $16,300,000, and the CONTRACTOR agreed to
<br />repay the loan in accordance with the terms of the ORIGINAL CONTRACT.
<br />D. Due to unforeseen site conditions, design modifications of the project, and changes
<br />instituted by regulatory agencies, additional work was required that increased the
<br />total estimated cost of the PROJECT. To meet the increased costs, the Contractor
<br />requested an additional $4,333,000, for a total loan amount of $20,633,000.
<br />E. S.B.99-173, Section 1(2) provides that the CWCB may increase authorized loan amounts
<br />as may be justified by "reasons of ordinary fluctuations in construction costs as indicated by
<br />the engineering cost indices applicable to the types of construction required for each project
<br />or as may be justified by reason of changes in the plan for a project due to differing or
<br />unforeseen site conditions, errors or omissions in the plans and specifications, changes
<br />instituted by regulatory agencies, or changes in material quantities beyond contract limits."
<br />F. At its July 23-24, 2001 meeting, the CWCB approved increasing this loan by
<br />$4,333,000, for a total loan amount of up to $20,633,000, to finance up to 75% of the
<br />total PROJECT cost. The terms for the $4,333,000 loan amount are an interest rate of
<br />5.5% per annum and a repayment period of 10 years.
<br />G. The CWCB and the CONTRACTOR have agreed to amend this contract to increase the
<br />amount of the loan by $4,333,000, for a total loan amount of up to $20,633,000, which
<br />may be used to finance up to 75% of the total PROJECT cost.
<br />The Consolidated Mutual Water Company
<br />Page 1 of 4 Contract Amendment No. 2
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