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<br />) . <br /> <br />) <br /> <br />AGENCY NAME: Water Conservation Board <br /> <br />AGENCY NUMBER: PDA <br /> <br />ROUTING NUMBER: 99 PDA Coot( I <br /> <br />CON T RAe TAM END MEN T No.1 <br /> <br />THIS AMENDMENT, made this 11Th-. day of MAY. 1999, by <br />and between the State of Colorado for the use and benefit of the Department of Natural <br />Resources, Colorado Water Conservation Board (CWCB), hereinafter referred to as the <br />STATE, and the Lower Arkansas Water M9nagement Association (LAWMA) P.O. Box <br />1161, Lamar, CO 81052, hereinafter referred to as the 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 has been accomplished from and with <br />appropriate agencies. <br /> <br />C. The STATE and the CONTRACTOR entered into a contract dated May 28,1997, Contract <br />Encumbrance Number C153768, hereinafter referred to as the ORIGINAL CONTRACT, <br />and incorporated herein by reference, wherein the STATE agreed to loan money in the <br />total amount of $2,300,000 to finance the purchase of 3,569 shares of the Highland <br />Irrigation Company ("Highland Shares") and 354 shares of the Fort Bent Ditch <br />Company ("Fort Bent Shares"), to be used as part of the BORROWER'S augmentation <br />plan, and the CONTRACTOR agreed to repay the loan in accordance with the terms of <br />the ORIGINAL CONTRACT. <br /> <br />D. In July 1998, in response to an opportunity to purchase 270 shares of stock in the <br />Amity Mutual Irrigation Company ("Amity Shares"), the CONTRACTOR requested the J <br />STATE to amend the ORIGINAL CONTRACT to provide that the CONTRACTOR may use the <br />. loan funds to purchase any number of shares in the Amity Mutual Irrigation Company, <br />the Fort Bent Ditch Company, or the Highland Irrigation Company, or any combination <br />of shares in those companies ("SHARES"). <br /> <br />E. At its July 1998 meeting, based on a revised feasibility study prepared by Helton & <br />Williamsen, the CWCB approved the proposed contract amendment, specifying that <br />the CONTRACTOR could purchase Amity Shares at a price equivalent to about $675 per <br />acre-foot, or at a price approved by the CWCB Director, and that all SHARES <br />purchased would be pledged as collateral for the loan. <br /> <br />F. The ORIGINAL CONTRACT required the BORROWER to complete its purchases of the <br />SHARES by May 28, 1999. To date, the BORROWER has purchased 3,382 Highland <br /> <br />Lower Arkansas Water Management Association <br /> <br />page 1013 <br /> <br />Contract Amendment No.1 <br />