C150240 contract docs

• Contract/PO #: C150240
• Contractor Name: Bull Creek Reservoir, Canal & Power Company
• Contract Type: Loan
• Water District: 0
• County: Mesa
• Loan Projects - Doc Type: Contract Documents

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BORROWER: BULL CREEK RESERVOIR
CANAL & POWER COMPANY
Contract No. C150240
Original Loan Amount $1,456,218
Adjustment (Increase): $345,412
Adjusted Loan Amount $1,801,630
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Agency Name: Water Conservation Board
Agency Number PDA
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LOAN CONTRACT AMENDMENT NO. 2
(STANDARD CONTRACT — WAIVER #160 — APPROVED NOVEMBER 1 O, 2003�
This Amendment, made this December 1, 2010, by and befinreen the State of
Colorado for the use and benefit of the Department of Natural Resources, Colorado
Water Conservation Board ("CWCB"), and the Bull Creek Reservoir Canal & Power
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 C150240.
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
C150240, dated June 18, 2007, and amended September 21, 2009 ("ORIGINAL
CONTRACT"), incorporated herein by reference, wherein the CWCB agreed to loan
money in the total amount up to $1,456,218, and the BoRROwER agreed to repay the
loan in accordance with the terms of the ORi�iNa� CoNTRa,cT.
D. During construction of the Project, the BoRROwER encountered unforeseen weather
and site conditions and a need for additional work due to changes not anticipated in
the original project cost estimate. These items increased the cost of the PRO�ECT.
To meet the increased costs, the BoRROwER requested an additional $345,412 for a
total loan amount of $1,801,630.
E. At its November 2010 meeting, the CWCB approved increasing this loan by $345,412
for a total loan amount of up to $1,801,630 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 $345,412 including the 1% loan service fee for a total loan
amount of up to $1,801,630 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 ORi�iNa� CoNTr�acT consists of the payments
that shall be made pursuant to this Amendment and the ORi�iNa� CoNTftacT, 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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