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BORROWER: WINDSOR RESERVOIR & CANAL CO. Contract No. C153725A Original Loan Amount $2,357,000 Adjustment (Increase) $301,500 Adjusted Loan Amount $2,658,500 Agency Name: Water Conservation Board Agency Number PDA Routing Number: 04 PDA 0006 LOAN CONTRACT AMENDMENT NO.2 This Amendment, made this August 1, 2003, by and between the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board ("CWCB"), and Windsor Reservoir and Canal Company, a ("BORROWER" or "CONTRACTOR"). Factual Recitals A. Authority exists in the law, and funds have been budgeted, appropriated, and otherwise made available and a sufficient unencumbered balance thereof remains available for payment in Fund Number 424, Appropriation Code 525, Contract Encumbrance Number C153725A. B. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. C. The STATE and the BORROWER entered into a contract October 23, 1996, and amended April 1, 2001, Contract Encumbrance Number C153725, hereinafter referred to as ORIGINAL CONTRACT, incorporated herein by reference, wherein the STATE agreed to loan money in the total amount of $2,357,000, and the BORROWER agreed to repay the loan in accordance with the terms of the ORIGINAL CONTRACT. D. During construction of the Project, the BORROWER encountered costs overruns due to design changes, unforeseen field conditions and additional work added to the total project. These items increased the cost of the PROJECT by $335,000. To meet the increased costs, the BORROWER requested an additional $301,500 for a total loan amount of $2,658,500. E. Paragraph (2) of Section 1 of HB 00-1419 allows that loans made by the Colorado Water Conservation Board may be increased or decreased as may be justified by "reasons of ordinary fluctuations in construction costs as indicated by the engineering cost indices applicable to the types of construction required for each project or as may be justified by reason of changes in the plan for a project due to differing or unforeseen site conditions, errors or omissions in the plans and specifications, changes instituted by regulatory agencies, or changes in material quantities beyond contract limits." F. At its May 2003 meeting, the CWCB approved increasing this loan by $301,500 for a total loan amount of up to $2,658,500. The terms for the additional loan amount are an interest rate of 4% per annum and a repayment period of 30 years. NOW THEREFORE, it is hereby agreed that 1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments that shall be made pursuant to this Amendment and the ORIGINAL CONTRACT, and the promises and agreements herein set forth. Page 1 of 4