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WIPE n_~_n on ~'"~, Rio Grande Dam UU'AR1Ml:....'llK A(;I::!'<C~ ....LMI:II::K 34-04-00 co: .t<ACT ROl:T!.NG t-.:liMBfJ{ 1-ILI1-jLi.l No Additional L1 C 'if'!3f;rr Encumbrance 17 ( ~ AMENDMENT #3 PROJECT CONTRACT ;? fi, U "" THIS CONTRACT. made ,his f/ day of _~ec.e Slllle of Colorado for rhe U~ and benefil of Ine Ueparlmenl of . 1 (Colorado lvater Conservation Board) . hereinaher rt'ferred 10 as (he Slale, and'2 the San Luis Valley Irri ant i on oi 5;tr.:i ct. 296 Miles St., Center, CO 81125, hereinafl!!'T referred 10 as the conlraClor /Cont:ractor. Nnrnri'll J98~ . by and bel ween the Rp.~()llr("p~ " WHEREAS. lllllhorilY ellis!S in the Law and Funds have been budgered. approprialed and otherwise made ..vailable and a sufficient unencumbered balance thereof remains available for payment in Fund t'l.umber 400 R , G/l Accflunl Number5605X . Conlr3CI Encumbrance Number [.../7"fl'/F: and ABL Account No. 16053, Org. Unit 77-77-777, WHEREAS. re4uirl.'d appmv:il. clearance and coordinalion has been accomplished from and wilh :lppropriale agencies: and WHEREAS. on November 14. 1986. the State entered into the "Original Contract" (Appendix A) with the Contractor, which Original Contract provided financing to the Contractor to undertake repairs to the existing Rio Grande Dam; and WHEREAS. on May 11. 1987. that Original Contract was amended (Attachment A) to provide Two Hundred Seventy-Seven Thousand Dollars ($277,000) additional money to the Contractor because the construction bids received were higher than the Statels estimates; and WHEREAS. on April 26. 1988. the Original Contract and the First Amendment were amended in order to increase the grant and loan amounts by an amount of One Hundred Twenty Thousand Five Hundred Thirty-Five Dollars and Thirty-Two Cents ($120.535.32); and WHEREAS. now ~ third contract amendment is needed in order to accommodate a cash-flow problem that the Contractor has. by deferring one payment of Thirty Thousand Six Hundred Sixty Dollars and Thirty-Seven Cents ($30.660.37) due and payable in December 1988; ana WHEREAS, the Contractor paid instead Twenty-Five Thousand Eight Hundred Fifty Dollars and Fifty-Six Cents ($25.850.56) in December 1987. because at the time it was assumed that the project was completed; and WHEREAS, the first payment accrued interest at five percent (St) between December 1987 and December 1988. thus becoming Twenty-Seven Thousand One Hundred Forty-Three Dollars and Eight Cents {27,143.08)1 which amount was then considered as the first payment made by tne entity on Dec~mber 1988; and WHEREAS. the Contractor now agrees to pay the difference between the two payments of Thirty Thousand Six Hundred Sixty Dollars and Thirty-Seven Cents ($30.660.37) and Twenty Seven Thousand One Hundred Forty-Three Dollars and Eight Cents ($27.143.08) including interest in an additional payment in the year 2028; and WHEREAS. the amount payable in the year 2028 has been calculated to be Twenty-Four Thousand Seven Hundred Sixty-Three Dollars and Eighty-Eight Cents ($24.763.88), as shown in Attachment B-1; and WHEREAS. the Contractor or Borrower understands that this Contract is also a promissory note for the repayment of funds loaned to the Borrower according to the terms set forth herein. j9s.5){n"10'~ Page I of~pa!!es 9594E