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 $1,212,000
Adjustment (Increase): $244,218
Adjusted Loan Amount $1,456,218
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Agency Name: Water Conservation Board
Agency Number PDA
LOAN CONTRACT AMENDMENT NO. 1
(STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 1 O, 2003)
This Amendment, made this September 21, 2009, 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").
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FACTUAL RECITALS
Authority exists in the law, and funds have been budgeted, appropriated, and
otherwise made available for payment in Contract Encumbrance Number C150240.
Required approval, clearance, and coordination have been accomplished from and
with appropriate agencies.
The CWCB and the BORROWER entered into Contract Encumbrance Number
C150240, dated June 18, 2007 ("ORIGINAL CONTRACT"), incorporated herein by
reference, wherein the CWCB agreed to loan money in the total amount up to
$1,212,000, and the BORROWER agreed to repay the loan in accordance with the
t@f'tYtS Of the ORIGINAL CONTRACT.
During construction of the Project, the BORROVNER 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
$244,218 for a total loan amount of $1,456,218.
At its September 2009 meeting, the CWCB approved increasing this loan by $244,218
for a total loan amount of up to $1,456,218 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.
The CWCB and the BoRROwER have agreed to amend this contract to increase the
amount of the loan by $244,218 including the 1% loan service fee for a total loan
amount of up to $1,456,218 which may be used to finance up to 90% of the total
Project cost, and to add the Borrower's water rights as collateral for the loan.
Furthermore, the BoRROwER has requested an extension in the time the CWCB has
allowed for completion of the Project. The CWCB has reviewed the BoRROwER's
request and has agreed to amend this contract to extend the time for completion of
the project for an additional 2 years.
NOW THEREFORE, it is hereby agreed that
1. Consideration for this Amendment to the ORi�irva� CorvrRacT consists of the payments
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