C153723 PIF Contract

• Contract/PO #: C153723
• Contractor Name: Orchard Mesa Irrigation District
• Contract Type: Loan
• Water District: 72
• County: Mesa
• Bill Number: HB 95-1155
• Loan Projects - Doc Type: Contract Documents

BORROWER: ORCHARD MESA IRRIGATION
DISTRICT, ACTING BY AND THROUGH THE
MUTUAL MESA LATERAL ENTERPRISE
Contract No. C153723
Original Loan Amount $871,000
Adjustment (Decrease): $401,186.96
Adjusted Loan Amount $469,813.04
LOAN CONTRACT
Agency Name: Water Conservation
Board
Agency Number
Routing Number:
PDA
06 PDA OG
AMENDMENT NO.1
(STANDARD CONTRACT- WAIVER #160 - APPROVED NOVEMBER 10, 2003)
This Amendment, made this May 1, 2005, by and between the State of
Colorado for the use and benefit of the Department of Natural Resources, Colorado
Water Conservation Board ( "CWCB "), and Orchard Mesa Irrigation District acting by
and through the Mutual Mesa Lateral Enterprise ( "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 C153723,
Fund No. 424, Reporting Category 3723.
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
C153723, dated December 2, 1996 ( "ORIGINAL C CT "), incorporated herein by
reference, wherein the CWCB agreed to loa in t al amount up to
$871,000, and the BORROWER agreed to r oa Irdance with the
terms of the ORIGINAL CONTRACT.
D. The project financed with the loan pro s s y complete as of May
1, 1997, and of the $871,000 loan amo av ' BORROWER used only
$861,827.01.
E. On June 1, 1997, the BORROWER made a p f $400,000 in accordance with
Paragraph A.9.f of the ORIGINAL CONTRACT. - payment was applied $7,986.03
for interest accrued during construction of the oject and $392,013.97 was applied
to principal reduction, leaving a final loan amount of $469,813.04.
F. The BORROWER has made annual payments of $27,169.33 as required since May
1998, with a balance due of $403,650.53 as of April 11, 2005.
G. In accordance with CWCB Loan Policy No. 5 Collateral, the collateral for this loan
shall be amended to a pledge of revenues backed by a rate covenant and annual
statement of debt coverage.
H. The parties agree to amend the contract to reduce the final loan amount to
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