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1 <br />AGENCY NAME: Water Conservation Board <br />AGENCY NUMBER: PDA <br />ROUTING NUMBER: <br />CONTRACT AMENDMENT #2 <br />THIS AMENDMENT, made this day of LI& 1997, by <br />and between the State of Colorado for the use and benefit of the Department of Natural <br />Resources, Colorado Water Conservation Board (CWCB),, hereinafter referred to as the STATE, <br />and the Ute Water Conservancy District, P.O. Box 460, Grand Junction, CO 81502 -0460, <br />hereinafter referred to as the BORROWER and/or CONTRACTOR. <br />FACTUAL RECITALS <br />A. Authority exists in the law, and funds have been budgeted, appropriated, and otherwise <br />made available and a sufficient unencumbered balance thereof remains available for <br />payment in Fund Number 424, Appropriation Code 419, Contract Encumbrance Number <br />C153670A <br />B. Required approval, clearance, and coordination has been accomplished from and with <br />appropriate agencies. <br />C. The STATE and the CONTRACTOR entered into a contract dated March 17, 1994, Contract <br />Encumbrance Number C153670, hereinafter referred to as ORIGINAL CONTRACT, which is <br />incorporated herein by reference, wherein the STATE agreed to loan money in the total <br />amount of $400,000 and the CONTRACTOR agreed to repay the loan in accordance with the <br />terms of the ORIGINAL CONTRACT. ti <br />D. The STATE and the CONTRACTOR amended the ORIGI NT July 10, 1996 to <br />acknowledge the CONTRACTOR'S issuance of its Wa , en nding Bonds, Series <br />1995 ("1995 Bonds ") to advance refund a portion o a nue Refunding Bonds, <br />Series 1987 ( "1987 Bonds "). V <br />E. In the ORIGINAL CONTRACT, as amended, the CONTRACe dged revenues in an amount <br />sufficient to pay the annual installment amount required by he ORIGINAL CONTRACT, subject <br />only to a pledge of funds for repayment of the CONTRACTOR'S 1987 Bonds and 1995 Bonds. <br />F. By a letter dated May 30, 1997, attached as Attachment 1 and incorporated herein, the <br />CONTRACTOR proposed to advance refund another portion of its 1987 Bonds by issuing <br />Water Revenue Refunding Bonds, Series 1997 to take advantage of lower interest rates, <br />and asked the STATE for confirmation that the advance refunding would not conflict with, <br />result in a breach of, or constitute a default of the ORIGINAL CONTRACT. <br />G. Based upon its review of a preliminary Official Statement on the Water Revenue Refunding <br />Bonds, Series 1997 prepared by Bigelow & Company Investment Bankers dated May 19, <br />1997, the STATE determined that the advance refunding of the 1987 Bonds would not <br />Page 1 of 3 <br />