|
�
<br />�
<br />AGENCY NAME: Water Conservation Board
<br />AGENCY NUMBER: PDA
<br />ROUTING NUMBER:(� �j�
<br />Contract Amendment No. 1
<br />THIS AMENDMENT, made this May 1, 2002, by and between the State of Colorado
<br />for the use and benefit of the Department of Natural Resources, Colorado Water
<br />Conservation Board ("CWCB" and/or " STATE "), and the Summit Reservoir and Irrigation
<br />Company, a Colorado nonprofit corporation, P.O. Box 127, Dolores, CO, 81323 ("Borrower"
<br />and/or `�CONTRACTOR"�.
<br />Factual Recitals
<br />A. Authority exists in the law, and funds have been budgeted, appropriated, and otherwise made
<br />available and a sufficient unencumbered balance thereof remains available for payment in Fund
<br />Number 424, Appropriation Code L97, GBL SUMM, Program WTRC, Object Code 5881; Contract
<br />Encumbrance Number C153770.
<br />B. Required approval, clearance, and coordination has been accomplished from and with appropriate
<br />agencies.
<br />C. The CWCB and the Contractor entered into a contract dated August 14, 1997, Contract
<br />Encumbrance Number C153770, hereinafter referred to as ORIGINAL CONTRACT incorporated
<br />herein by reference, wherein the CWCB agreed to loan money in the total amount of $200,000,
<br />and the Contractor agreed to repay the loan in accordance with the terms of the Original Contract.
<br />D. Under the ORIGINAL CONTRACT, the BORROWER requested only $200,000 of the $600,000
<br />authorized by the Colorado General Assembly for the portion of the PRO�ECT that would be
<br />completed first. The BoRROwER now desires to complete the remainder of the PRO�ECT and has
<br />requested that the remainder of the loan funds in the amount of $100,000 be made available
<br />through an amendment to the ORIGINAL CONTRACT.
<br />E. To complete construction of the PRO�ECT, the BoRROwER has also requested that the time for
<br />completion be extended to December 31, 2004.
<br />F. The parties agree to amend this contract to increase the loan amount by $100,000, for a total loan
<br />amount of up to $300,000, which may be used to finance up to 75% of the total PRO�ECT cost and
<br />to extend the time for completion.
<br />NOW THEREFORE, it is hereby agreed that
<br />1. Consideration for this Amendment to the ORiGiNA� Co►vT�CT consists of the payments which
<br />shall be made pursuant to this Amendment and the OR�Gi►vA� CoNT�CT and the promises and
<br />agreements herein set forth.
<br />2. It is expressly agreed by the parties that this Amendment is supplemental to the ORIGINAL
<br />CONTRACT and all terms, conditions, and provisions thereof, unless specifically modified herein,
<br />are to apply to this Amendment as though they were expressly rewritten, incorporated, and
<br />included herein.
<br />3. The CONTRACTOR Board of Directors and stockholders have adopted resolutions, irrepealable
<br />for the term of this loan, authorizing the Contractor to enter into this contract amendment to
<br />borrow the additional $100,000, to make and levy assessments sufficient to pay the annual loan
<br />payments, and to increase the amount of the Certificate of Deposit provided as collateral for the
<br />Page 1 of 3
<br />
|