C150245 Contract

• Contract/PO #: C150245
• Contractor Name: Lower Poudre Augmentation Company
• Contract Type: Loan
• Water District: 0
• County: Larimer
• County: Weld
• Loan Projects - Doc Type: Contract Documents

BORROWER: LOWER POUDRE Agency Name: Water Conservation Board
AUGMENTATION COMPANY Agency Number PDA
Contract No. C150245
Original Loan Amount $3,104,053
Adjustment (Increase): $456,280
Adjusted Loan Amount $3,560,333
LOAN CONTRACT AMENDMENT NO.1
(STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 10, 2003)
This Amendment, made this July 16, 2010, 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 Lower Poudre Augmentation 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 C150245.
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
C150245, dated July 24, 2007 ( "ORIGINAL CONTRACT "), incorporated herein by
reference, wherein the CWCB agreed to loan money in the total amount up to
$3,104,053, and the BORROWER agreed to repay the loan in accordance with the
terms of the ORIGINAL CONTRACT.
D. During construction of the Project, the BORROWER encountered unforeseen site
conditions, design modifications, and a need for additional work due to changes not
anticipated in the original project cost estimate. These items increased the cost of
the PROJECT. To meet the increased costs, the BORROWER requested an additional
$456,280 for a total loan amount of $3,560,333.
E. At its May 2010 meeting, the CWCB approved increasing this loan by $456,280 for a
total loan amount of up to $3,560,333 to finance up to 90% of the total Project costs.
The terms for the additional loan amount are an interest rate of 2.5% per annum and
a repayment period of 30 years. A loan service fee of 1 % is included in the additional
loan amount in accordance with CWCB Policy No. 16.
F. The CWCB and the BORROWER have agreed to amend this contract to increase the
amount of the loan by $456,280 including the 1% loan service fee for a total loan
amount of up to $3,560,333 which may be used to finance up to 90% of the total
Project cost.
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.
2. It is expressly agreed by the parties that this Amendment is supplemental to the
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