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1 <br /> AGENCY NAME: Water Conservation Board <br /> AGENCY NUMBER: PDA <br /> ROUTING NUMBER: 98 PDA O;)(] <br /> CONTRACT AMENDMENT No. 1 <br /> THIS AMENDMENT, made this ' day of 1--/a Lr 1998, by and <br /> between the State of Colorado for the use and benefit of the Department of Natural Resources, <br /> Colorado Water Conservation Board (CWCB), hereinafter referred to as the STATE, and The <br /> Excelsior Irrigating Company, 231 Nyberg Road, Pueblo, CO 81006, hereinafter referred to <br /> as the BORROWER and/or the 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 SPL, GBL E748 Program WTRC, <br /> Object Code 5110, Reporting Category 3748, Contract Encumbrance Number C153748. <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 April 15, 1997, Contract <br /> Encumbrance Number C153748, hereinafter referred t.._. -s . ORIGINAL CONTRACT, <br /> incorporated herein by reference, wherein the STA '''• `_-e•, to;to a money in the total <br /> amount of$100,000, and the CONTRACTOR agreed to: -p.y� • accordance with the <br /> terms of the ORIGINAL CONTRACT. <br /> D. Under the ORIGINAL CONTRACT, C.R. Evans ), ; + -Ij0- <br /> c.(holder of the <br /> CONTRACTOR, conveyed a security interest toe, T >.e s of stock of the <br /> Excelsior Irrigating Company ("Excelsior shares"), owned by him in his individual capacity, <br /> to secure the loan to the CONTRACTOR. <br /> E. EVANS subsequently requested that the STATE release its security interest in 1,007 of the <br /> Excelsior shares to enable him to sell the shares to the Arkansas Groundwater Users <br /> Association ("AGUA") to use as part of AGUA's augmentation plan. AGUA has obtained a <br /> loan from the STATE to finance the purchase of the 1,007 Excelsior shares and will convey a <br /> security interest to the STATE in said shares to secure that loan. <br /> F. At its September 22-23, 1997 meeting, the CWCB authorized the release of its security <br /> interest in the 1007 shares of stock of the Excelsior Irrigating Company, represented by <br /> Certificate No. 5, conditioned upon a determination by the staff and the Executive Director <br /> that the remaining 1,876 Excelsior shares will constitute adequate collateral for both the <br /> loan made under the ORIGINAL CONTRACT and a subsequent loan to the CONTRACTOR of <br /> $230,000, based upon the staffs review of an appraisal of the water rights represented by <br /> the Excelsior shares. <br /> Page 1 of 3 <br />