C150272A Contract

• Contract/PO #: C150272A
• Contractor Name: Farmers Pawnee Canal Company, The
• Contract Type: Loan
• Water District: 0
• County: Logan
• Loan Projects - Doc Type: Contract Documents

BORROWER: FARMERS PAWNEE CANAL Agency Name: Water Conservation Board
COMPANY Agency Number PDA
Contract No. C150272 A C „v� f # 3 Z (O -7
Original Loan Amount $227,250
Adjustment (Increase): $28,280
Adjusted Loan Amount $255,530
LOAN CONTRACT AMENDMENT NO. 1
(STANDARD CONTRACT -WAIVER #160- APPROVED NOVEMBER 10, 2003)
This Amendment, made this April 1, 2011, 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 Farmers Pawnee Canal 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 C150272.
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
C150272, dated December 15, 2008 ( "ORIGINAL CONTRACT"), incorporated herein by
reference, wherein the CWCB agreed to loan money in the total amount up to
$227,250, 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 $281,000. To meet the increased costs, the BORROWER requested
an additional $28,280 for a total loan amount of $255,530.
E. At its March 2011 meeting, the CWCB approved increasing this loan by $28,280 for a
total loan amount of up to $255,530 to finance up to 90% of the total Project costs.
The terms for the additional loan amount are an interest rate of 2.50% per annum and
a repayment period of 30 years. A loan service fee of 1% has been imposed on the
additional loan amount In accordance with CWCB Policy No. 16.
F. Furthermore, the BORROWER has requested an extension in the time the CWCB has
allowed for completion of the Project.
G. The CWCB and the BORROWER have agreed to amend this contract to increase the
amount of the loan by $28,830 including the 1% loan service fee for a total loan
amount of up to $255,530 which may be used to finance up to 90% of the total Project
cost, and to extend the time for completion of the project for an additional two (2)
years.
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
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