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BORROWER: TOWN OF MONUMENT, COLORADO Agency Name: Water Conservation Board Contract No. C150062 Agency Number PDA Original Loan Amount : $2,081,000 Routing Number: 03 PDAaOO / 2 Adjustment (Increase): $ 362,000 Adjusted Loan Amount: $2,443,000 LOAN CONTRACT AMENDMENT No. 1 This Amendment, made this September 1, 2002, by and between the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board ("CWCB" or "State"), and the Town of Monument, Colorado, acting by and through the Town of Monument, Colorado, Water Enterprise, P. O. Box 325, 166 2nd Street, Monument, CO 80132 ("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 C150062. B. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. C. The CWCB and the Borrower entered into Contract Encum r Number C150062, dated March 1, 2002, hereinafter referred toNA' " i porated herein by reference, wherein the CWCB agreed a mi\ • y h t ount up to $2,081,000, and the Borrower agreed to repay the loan in accordance with the terms of the ORIGINAL CONTRACT. D. During construction of the PROJECT, the BORROWER encountered unforeseen site conditions, design modifications, and a need for additional work due to changes not anticipated in the original project cost estimate. These items increased the cost of the Project by $1,243,135. To meet the increased costs, the Borrower requested an additional $362,000, for a total loan amount of $2,443,000, E. Senate Bill 01-157, Section 2(2) provides that the CWCB may increase authorized loan amounts as may be justified by "reasons of ordinary fluctuations in construction costs as indicated by the engineering cost indices applicable to the types of Page 1 of 4