CT2015-165 Amend 3 Contract - Laserfiche WebLink

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CONTRACT AMENDMENT Amendment Original Loan Contract #C15o24o CORE: CT2o15-165 No. 3 CLIN #07 PDA 105 Amendment No. 1 CMS #6534 Amendment No. 2 CMS#26758 Amendment No.3 CMS #78066 1) PARTIES This Amendment No.3(AMENDMENT) to the above-referenced Original Loan Contract (hereinafter called the ORIGINAL CONTRACT) is entered into by and between the Bull Creek Reservoir Canal& Power Company, PO Box 25, Molina, Colorado 81646, a Colorado nonprofit corporation, (hereinafter called"BORROWER"or"COMPANY") and the STATE OF COLORADO (hereinafter called the"STATE") acting by and through the Department of Natural Resources, Colorado Water Conservation Board, 1313 Sherman Street, Denver, Colorado, 80203, (hereinafter called"CWCB"). 2) EFFECTIVE DATE AND ENFORCEABILITY This AMENDMENT shall not be effective or enforceable until it is approved and signed by the Colorado State Controller or designee (hereinafter called the"EFFECTIVE DATE"), but shall be effective and enforceable thereafter in accordance with its provisions. 3) FACTUAL RECITALS The Bull Creek Reservoir Canal & Power Company was approved for a CWCB loan, in January 2007, to finance the Bull Creek Reservoir No. 4 Rehabilitation and Enlargement Project (PROJECT) for a loan contract total amount of$1,212,000.The ORIGINAL CONTRACT was amended (CONTRACT AMENDMENT No.1) on October 13, 2009 to increase the total loan amount to$1,456,218 and to extend the time of performance for the PROJECT for an additional two years. CONTRACT AMENDMENT NO.2, approved on December 14, 2010, increased the total loan contract amount to a new total loan contract amount of $1,801,630.The PROJECT was completed in 2011. The loan will be paid off in 2041. The collateral provided for this loan was a pledge of revenue assessments, storage water rights, and a security interest in a minimum of 459 shares of Bull Creek Reservoir, Canal&Power Company stock. On September 17, 2015, the Board approved a change to the existing loan. This AMENDMENT shall amend the collateral pledged for the loan to a pledge of assessment revenues backed by an assessment covenant and the Company's storage water rights. The Bull Creek Reservoir, Canal and Power Company shares of stock will no longer be collateral for the loan and all shares that are currently held by CWCB shall be released to Bull Creek Reservoir, Canal&Power Company. The COMPANY made advance principal payments.The loan contract's total loan amount was $1,801,630.00.After payments, the loan contract has a current balance of$1,647,433.23. The annual loan repayment amount will change from$94,081.68 to$89,415.96 for the remainder of the loan repayment schedule. 4) CONSIDERATION Consideration for this AMENDMENT to the ORIGINAL CONTRACT consists of the payments that shall be made pursuant to this AMENDMENT and ORIGINAL CONTRACT and the promises and agreements herein set forth. 5) LIMITS OF EFFECT This AMENDMENT is incorporated by reference into the ORIGINAL CONTRACT, and the ORIGINAL CONTRACT and all prior amendments thereto, if any, remain in full force and effect except as specifically modified herein. Loan Contract Amendment No.3,Loan Contract CT2015-165 Page 1 of 3