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The BORROWER acknowledges and understands that any request for approval of the issuance <br />of additional debt must be reviewed and approved by the CWCB Executive Director prior to <br />the issuance of any additional debt. <br />k. The following is added as Paragraph A.18: <br />18. Annual Statement of Debt Coverage. Each year during the term of this contract, the <br />BORROWER shall submit to the STATE an annual audit report and a certificate of debt service <br />coverage from a Certified Public Accountant. <br />I. The following is added as Paragraph A.19: <br />19. Attorney's opinion letter. Prior to the execution of this contract by the STATE, the <br />DISTRICT and the BORROWER shall submit to the STATE an opinion from its counsel that the <br />contract will be duly executed by officers of the DISTRICT and BORROWER who are duly <br />elected or appointed and are authorized to execute the contract and to bind the DISTRICT <br />and BORROWER; that the resolutions of the DISTRICT and BORROWER authorizing the <br />execution and delivery of the contract were duly adopted by the governing bodies of the <br />DISTRICT and BORROWER; that there are no provisions in the Colorado Constitution or any <br />other state or local law that prevent this contract from binding the DISTRICT and BORROWER; <br />and that the contract will be valid and binding against the DISTRICT and BORROWER if <br />entered into by the STATE. <br />M. Paragraph B.2 is amended by ing the following from the first sentence: "...except <br />that the STATE shall not disburse ov the In amount until it receives the security deed <br />described in paragraph A.9 of this <br />n. Paragraph B.3 is revised to ril ow <br />3. Release after loan is repai U letlon of repayment to the STATE of the entire <br />principal, all accrued interest, and I e es, if any, as specified in the promissory note, the <br />STATE agrees to execute a rele cGrity agreement to terminate all of the STATE'S rights in <br />and to the pledged revenues. <br />o. Paragraph C is revised to read as "The STATE, the DISTRICT and the BORROWER mutually agree <br />as follows:" <br />p. The first line of Paragraph C.5 is revised to read as "PROJECT costs eligible for financing by the <br />STATE shall be limited to 50% of the cost of:" <br />q. Paragraph C.5.h is amended by deleting the last sentence. <br />r. The third line of Paragraph C.6 is amended by deleting "or without." <br />s. The last three lines of Paragraph C.7 are amended by deleting the language in parentheses. <br />t. The last line of Paragraph C.12 is amended to read "Attn: Construction Fund Section" and <br />"Attn: Manager" <br />6. Except for the SPECIAL PROVISIONS, in the event of any conflict, inconsistency, variance, or <br />contradiction between the provisions of this Amendment and any of the provisions of the <br />ORIGINAL CONTRACT, the provisions of this Amendment shall in all respects supersede, <br />govern, and control. The SPECIAL PROVISIONS shall always be controlling over other <br />provisions in the contract or amendments. The representations in the SPECIAL PROVISIONS <br />concerning the absence of bribery or corrupt influences and personal interest Of STATE <br />employees are presently reaffirmed. <br />7. Financial obligations of the STATE payable after the current fiscal year are contingent upon <br />funds for that purpose being appropriated, budgeted, and otherwise made available. <br />Page 7 of 8 <br />