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<br />) <br /> <br />) <br /> <br />AGENCY NAME: Water Conservation Board <br /> <br />AGENCY NUMBER: PDA <br /> <br />ROUTING NUMBER: ()(JJ57 <br /> <br />CON T RAe TAM END MEN T No.3 <br /> <br />THIS AMENDMENT, made this 10th day of March 2001, by and between the State <br />of Colorado for the use and benefit of the Department of Natural Resources, Colorado <br />Water Conservation Board, hereinafter referred to as the CWCB and/or STATE, and the <br />Lower Arkansas Water Management Association, hereinafter referred to as the <br />BORROWER and/or CONTRACTOR. <br /> <br />FACTUAL RECITALS <br /> <br />A. Authority exists in the law, and funds have been budgeted, appropriated, and <br />otherwise made available and a sufficient unencumbered balance thereof remains <br />available for payment in Fund Number 424, Appropriation Code ARA, Contract <br />Encumbrance Number C153768. <br /> <br />B. Required approval, clearance, and coordination have been accomplished from and <br />with appropriate agencies. <br /> <br />C. The CWCB and the CONTRACTOR entered into a contract dated May 28, 1997, <br />Contract Encumbrance Number C153768, as amended on May 17, 1999 and January <br />14, 2000, hereinafter referred to as the ORIGINAL CONTRACT and incorporated herein <br />by reference, wherein the CWCB agreed to loan money in the total amount of <br />$2,300,000 to finance the purchase of shares of the Highland Irrigation Company <br />("Highland Shares"), the Fort Bent Ditch Company, the Las Animas Consolidated <br />Canal Company, and/or the Amity Mutual Irrigation Company, hereinafter referred to <br />as SHARES and/or PROJECT, to be used as part of the BORROWER'S augmentation plan, <br />and the CONTRACTOR agreed to repay the loan in accordance with the terms of the <br />ORIGINAL CONTRACT. <br /> <br />D. To date, the Contractor has purchased 3,382 Highland Shares, all of which the <br />Contractor has pledged as security for this loan. <br /> <br />E. On January 23, 2001, the Contractor notified the CWCB of its intent to dissolve the <br />Highland Irrigation Company and proposed to use the same process for dissolving the <br />Company as the process established in Loan Contract No. 153715 between the <br />CWCB and the Contractor for dissolving the Manvel Canal and Irrigation Company. <br /> <br />F. The Original Contract, as amended, required the Contractor to complete the Project <br />by May 28, 2001. The Contractor has requested a one-year extension of time to <br />complete the Project. <br /> <br />Page 1 of 3 <br />