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BORROWER: STARKVILLE, TOWN OF AGENCY NAME: Water Conservation Board <br />CONTRACT No. C153347 AGENCY NUMBER: PDA <br />AMENDMENT No.2 CMS # 53260 <br />LOAN CONTRACT AMENDMENT NO.2 <br />THIS CONTRACT, made between the State of Colorado for the use and benefit of the <br />Department of Natural Resources, Colorado Water Conservation Board ( "CWCB" or <br />"STATE "), and Town of Starkville, Starkville, Colorado 81074 a ( "BORROWER" OR <br />"CONTRACTOR ") a Municipal Corporation. <br />Factual Recitals <br />A. Authority exists in the law, and funds have been budgeted, appropriated, and <br />otherwise made available for payment in Contract Encumbrance Number <br />C153347. <br />B. Required approval, clearance, and coordination have been accomplished from <br />and with appropriate agencies. <br />C. The CWCB and the BORROWER entered into Contract Encumbrance Number <br />C153347 dated June 1, 1981 and amended on April 1, 1982 ( "ORIGINAL LOAN <br />CONTRACT "), incorporated herein by reference. <br />D. C.R.S. §37 -60- 120(3) authorizes the CWCB to adjust the authorized interest rate, <br />extend the authorized repayment period for any project or defer one or more <br />annual payments if, in the Board's opinion, the entity requesting such <br />adjustment, extension, and deferment demonstrates that it has encountered <br />significant and unexpected financial difficulties. <br />E. At its September 2012 meeting, the CWCB found that the BORROWER had <br />encountered significant and unexpected financial difficulties in its efforts to <br />comply with the repayment provisions of this CONTRACT and approved a <br />restructuring of the loan. <br />F. The parties agree to this AMENDMENT to the LOAN CONTRACT ( "AMENDMENT ") <br />which shall include accrued interest forgiveness up to $20,000 and amend the <br />ORIGINAL LOAN CONTRACT to amortize the current principal balance of <br />$141,065.50 with a loan term of thirty (30) years at zero (0) percent interest rate. <br />Loan Contract C153347 Amendment 2 <br />Page 1 of 6 <br />