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<br />3. The only modifications. alterations. or changes in the <br />Amendment #1 Contract shall be that Attachment B shall be <br />replaced in its entirety by Appendix B and paragraphs A.ll.. <br />C.l. and I. shall be modified to read as follows: <br /> <br />A. The Contractor agrees that it shall: <br /> <br />11. Repay to "the State the total principal sum of Nine <br />Hundred Thirty-Nine Thousand Fifty-Seven Dollars and <br />Sixty-Eight Cents ($939.057.68), which includes the project <br />loan amount and the feasibility report amount. together I <br />with interest at the rate of five percent (5\) per annum. <br />said repayment to be made in forty (40) annual installments <br />of Twenty-Four Thousand Two Hundred Fifty-Five Dollars and <br />Ten cents ($24.255.10) for the first year. Twenty-Three <br />Thousand Five Hundred Seventy-Three Dollars and Sixty-Three <br />Cents ($23.573.63) for years 2 through 39 and Nineteen <br />Thousand Four Dollars and Fifty-Six Cents ($19.004.56) for <br />year 40. as shown in Appendix B. attached hereto and <br />incorporated by reference herein. which first installment <br />shall be due and payable on the first day of the month next <br />succeeding the month in which the State determines that the <br />project has been substantially completed. and yearly <br />thereafter until the entire principal sum shall have been <br />paid. However. in the event the Contractor does not draw <br />funds commencing on the date specified in paragraph C.I.a. <br />below. the Obligation to repay shall be postponed for the <br />same number of months as the Contractor delays in drawing <br />funds. Said installment payments shall be made payable to <br />the Colorado Water Conservation Board. payable at the <br />offices of said Board in Denver. Colorado. The Contractor <br />pledges its full faith and credit in support of this <br />Obligation and warrants that it has taken all steps <br />necessary to pledge itR full faith and credit for this <br />Obligation. <br /> <br />C. The state agrees that it shall: <br /> <br />1. Loan to the Contractor for the purpose of this <br />contract an amount not to exceed Four Hundred Four Thousand <br />Five Hundred One Dollars and Ninety-Nine Cents <br />($404.501.99). Said Four Hundred Four Thousand Five <br />Hundred One Dollars and Ninety-Nine Cents ($404.501.99) <br />shall be made available to the Contractor in accordance <br />with the following terms and conditions: <br /> <br />a. Beginning with the monthly periOd commencing June <br />1. 1987. and for every month thereafter until said <br />project has been completed. the Contractor shall <br />prepare. with the assistance of the engineering firm <br />referred to in paragraph A.I. above. an estimate of the <br />funds required from the State for project construction <br />during that month and shall forward said estimate to <br />the State not less than fifteen (15) days prior to the <br />beginning of such month. <br /> <br />b. Upon receipt and approval by the State of such <br />monthly estimate. the State will. within forty (40) <br />days from the receipt of such estimate. pay over to the <br />Contractor the amount of the monthly estimate or such <br />portion thereof as has been approved by the State. <br /> <br />c. No payments will be made under this contract until <br />the project plans and specifications referred to in <br />paragraph A.l. above are approved by the State. <br /> <br />I. Upon completion of the repayment to the State in the <br />sum of Nine Hundred Thirty-Nine Thousand Fifty-Seven <br />Dollars and Sixty-Eight Cents ($939.057.68). as set forth <br />in paragraph A.ll. of this contract. the State agrees to <br /> <br />Page ~ of i pages <br />