C150279 Contract

• Contract/PO #: C150279
• Contractor Name: Boulder White Rock Ditch and Reservoir Company
• Contract Type: Loan
• County: Boulder
• County: Weld
• Loan Projects - Doc Type: Contract Documents

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BORROWER: BOULDER AND WHITE ROCK
DITCH AND RESERVOIR COMPANY
Contract No. C150279
Original Loan Amount $2,430,060
Adjustment (Increase): $434,104
Adjusted Loan Amount $2,864,164
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Agency Name: Water Conservation Board
Agency Number PDA
LOAN CONTRACT AMENDMENT NO. 1
(STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 10, 2003)
This Amendment, made this December 15, 2009, 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 Boulder and White Rock Ditch and
Reservoir 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 C150279.
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
C150279, dated February 13, 2009 ( "ORIGINAL CONTRACT "), incorporated herein by
reference, wherein the CWCB agreed to loan money in the total amount up to
$2,430,060, 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
$434,104 for a total loan amount of $2,864,164.
E. At its November 2009 meeting, the CWCB approved increasing this loan by $434,104
for a total loan amount of up to $2,864,164 to finance up to 90% of the total Project
costs. The terms for the additional loan amount are an interest rate of 3.45% 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 $434,104 including the 1% loan service fee for a total loan
amount of up to $2,864,164 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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