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8. Because no additional obligations were created by the issuance of the 1995 Bonds. which will have a first lien on the CONTRACTOR'S revenues on a parity equal to the 1987 Bonds, and because the issuance of the 1995 Bonds will result in debt service savings to the CONTRACTOR, the STATE has agreed to amend the ORIGINAL CONTRACT to acknowledge the issuance of the 1995 Bonds. NOW THEREFORE, the parties hereby agree that 1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments which shall be made pursuant to this Amendment and ORIGINAL CONTRACT and the promises and agreements herein set forth. 2. It is expressly agreed by the parties that this Amendment is supplemental to the ORIGINAL CONTRACT, and all terms, conditions, and provisions thereof, unless specifically modified herein, are to apply to this Amendment as though they were expressly rewritten, incorporated, and included herein. 3. It is agreed the ORIGINAL CONTRACT is and shall be modified, altered, and changed in the following respects only: a. The second full paragraph on Page 2 shall be amended to read as follows: WHEREAS, the parties recognize and understand that the revenues of the CONTRACTOR are subject to pay its Water Revenue Refunding Bonds, Series 1987 and Series 1995; and b. Paragraph O. shall be amended to read as follows: The CONTRACTOR hereby pledges sufficient annual revenues to pay the annual installment amount [to be kept in a separate account] subject only to the pledge of funds for repayment of the CONTRACTOR'S Water Revenue Refunding Bonds, Series 1987 and Series 1995. 4. The effective date of this Amendment is the date first written above. 5. Except for the SPECIAL PROVISIONS, in the event of any conflict, inconsistency, variance, or contradiction between the provisions of this Amendment and any of the provisions of the ORIGINAL CONTRACT, the provisions of this Amendment shall in all respects supersede, govern, and control. The SPECIAL PROVISIONS shall always be controlling over other provisions in the contract or amendments. The representations in the SPECIAL PROVISIONS concerning the absence of bribery or corrupt influences and personal interest of STATE employees are presently reaffirmed. 6. Financial obligations of the state payable after the current fiscal year are contingent upon funds for that purpose being appropriated, budgeted, and otherwise made available. 7. This amendment shall not be deemed valid or effective until it shall have been approved by the controller of the State of Colorado or such assistant as he may designate. IN WITNESS WHEREOF, the parties hereto have executed this Amendment on the day first above written. Ute Water Conservancy District Page 2 of3 Contract Amendment #1