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, I AGENCY NAME; Water Conservation Board AGENCY NUMBER; PDA ROUTING NUMBER: ~ -":"-- CONTRACT AMENDMENT #2 THIS AMENDMENT, made this d3 day of DrYo~ ./ 1997, by and between the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board (CWCB),. hereinafter referred to as the STATE, and the Ute Water Conservancy District, P.O. Box 460, Grand Junction, CO 81502-0460, hereinafter referred to as the BORROWER and/or CONTRACTOR. FACTUAL RECITALS A. Authority exists in the law, and funds have been budgeted, appropriated, and otherwise made available and a sufficient unencumbered balance thereof remains available for payment in Fund Number 424, Appropriation Code 419, Contract Encumbrance Number C153670. B. Required approval. clearance, and coordination has been accomplished from and with appropriate agencies. C. The STATE and the CONTRACTOR entered into a contract dated March 17, 1994, Contract Encumbrance Number C153670, hereinafter referred to as ORIGINAL CONTRACT, which is incorporated herein by reference, wherein the STATE agreed to loan money in the total amount of $400,000 and the CONTRACTOR agreed to repay the loan in accordance with the terms of the ORIGINAL CONTRACT. D. The STATE and the CONTRACTOR amended the ORIGINAL CONTRACT on July 10, 1996 to acknowledge the CONTRACTOR'S issuance of its Water Revenue Refunding Bonds, Series 1995 ("1995 Bonds") to advance refund a portion of its Water Revenue Refunding Bonds, Series 1987 ("1987 Bonds"). E. In the ORIGINAL CONTRACT, as amended, the CONTRACTOR pledged revenues in an amount sufficient to pay the annual installment amount required by the ORIGINAL CONTRACT, subject only to a pledge of funds for repayment of the CONTRACTOR'S 1987 Bonds and 1995 Bonds. F. Bya letter dated May 30, 1997, attached as Attachment 1 and incorporated herein, the CONTRACTOR proposed to advance refund another portion of its 1987 Bonds by issuing Water Revenue Refunding Bonds, Series 1997 to take advantage of lower interest rates, and asked the STATE for confirmation that the advance refunding would not conflict with, result in a breach of, or constitute a default of the ORIGINAL CONTRACT. G. Based upon its review of a preliminary Official Statement on the Water Revenue Refunding Bonds, Series 1997 prepared by Bigelow & Company Investment Bankers dated May 19, 1997, the STATE determined that the advance refunding of the 1987 Bonds would not Page 1 013