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BORROWER: CENTRAL COLORADO WATER Agency Name: Water Conservation Board CONSERVANCY DISTRICT Agency Number PDA Contract No. C150194 Routing Number: 08 PDA �c� %� LOAN CONTRACT AMENDMENT NO. 1 (STANDARD CONTRACT — WAIVER #160 — APPROVED NOVEMBER 1 O, 2003) This Amendment, made this February 13, 2008, 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 Well Augmentation Subdistrict of the Central Colorado Water Conservancy District, 3209 W. 28th St., Greeley, Colorado 80634-7554 ("BORROWER" OI' "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 C150194. 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 C150194, dated June 21, 2005 ("ORIGINAL CONTRACT"), incorporated herein by reference, wherein the CWCB agreed to loan money in the total amount up to $20,200,000, and the BORROWER agreed to repay the loan in accordance with the terms of the ORi�iNa� CorvTr�acT. D. The BoRROwER has requested a change to their project scope, so that in addition to water rights purchases and lined gravel pit storage construction, Borrower may apply loan funds to groundwater recharge projects. E. The CWCB reviewed the BORROWER's request at its September 2006 board meeting, and approved use of loan funds for groundwater recharge projects. F. Senate Bill 07-122, Section 26 amended Section 1 of Chapter 224, Session Laws of Colorado 2005, to include groundwater recharge projects to the loan authorization. G. Furthermore, the BoRROwER has requested an extension in the time the CWCB has allowed for completion of the Project. The BORROWER has agreed to pay the interest accrued during construction of the Project on April 1, 2008 and annually thereafter until the Project is substantially completed. H. The BORROWER and the CWCB have agreed to amend this contract to include groundwater recharge projects as part of the project scope, to extend the time for completion of the project for an additional 2 years, and to require payments for interest accrued during Project construction. NOW THEREFORE, it is hereby agreed that 1. Consideration for this Amendment to the ORi�iNa� CoNTwo,CT consists of the payments that shall be made pursuant to this Amendment and the ORi�itva� CoNTRacr and the Page 1 of 5