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the calendar year in which the projec[ <br />reservoir first fills [0 25,000 acre-feet. <br />Repayment shall be made in semi-annual <br />ins[allmen[s as shown in Exhibit C(as <br />amended), attached hereto and incorpora[ed by <br />reEecence herein, with in[eres[ only being due <br />and payable on May 15 of each year and vith <br />principal and interest being due and payable or <br />November 15 of each yeae. T�e Eirst oE such <br />installmen[s pursuant to Exhibi[ C(as amended) <br />shall be due and payable on May 15 of the <br />calendar year following t�e calendar year in <br />wAich the project reservoir first fills to <br />25,000 acre-feet. Subsequen[ installments <br />shall be due and payable semi--annually <br />thereaftec on November 15 and May 15 of each <br />calendar year. Said semi-annual installmen[ <br />payments shall be made payable [o the Colorado <br />Water Conservation Board at [he offices of said <br />Board in Denver, Colorado. <br />b. In the event that the construction of the <br />� physical facilities necessary Eor the s[ocage <br />.. of water are not completed by May 15, 1990, for <br />� any reason whatsoever, CAe Contractor shall <br />cepay to the State any monies which the State <br />. has loaned [o [he Contractor pursuant Co this <br />� contract with interest thereon commencing on <br />�� May 15, 1990, at Che rate of Eive percent (58) <br />� per annum, said repayment to be made in equal <br />� semi-annual installments over for[y years wiih <br />interest being the first charge. The Eirst oE <br />such ins[allments shall be due and payable on <br />May 15, 1991. Subsequent installmen[s shall be <br />,. �'� due and payable semi-annually thereafter on <br />� November 15 and May 15 of each year. Said <br />semi-annual installment payments shall be made <br />.� payable to the Colorado Water Conserva[ion <br />� Board at [he offices�of said Boacd in Denver, <br />- Colocado." <br />3. Dele[e Che first sentence of paragraph 8.18. of [he original <br />contract and insert in lieu tAereof the following new language: <br />� "In order to evidence its obligations to provide for <br />�, the paymen[ of t�e principal of the loan made [o the <br />�� Contractor pursuant to [his agreement and the interest <br />on such loan, [�e Contrac[or has issued its Water <br />��, Conservancy Bond (Limited Tax), 1987 Series A, in the <br />.. principal amount of Seven Million Nine Hundred <br />. Thousand Dollars (57,900,000) (herein Che 'Bond') <br />� �_ pursuant to a resolution adopted on�:r���'-�_'s, 1987, as <br />amended (the 'Resolution')." �VNE 2 � <br />, 9. Delete Exhibi[ C of [he original contract 1 ce it <br />vith a new Exhibit C which is a[tached hereto and iden[iEied as <br />� ��Exhibit C (as amended )°. <br />_. 5. All other provisions of the original contract not herein <br />�� amended shall remain in full force and efEect as set forth in <br />. che original contract. <br />Page 2 of 9 Pages <br />