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b. Paragraph A.9 of the ORIGINAL CONTRACT shall be amended to read as follows: 9. Promissory Note Provisions. The Promissory Note setting forth the terms of repayment and evidencing this debt in the amount of up to $2,357,000 at an interest rate of 4.08% per annum for a term of thirty (30) years is attached as Attachment 2 and incorporated herein. a. Final Loan Amount. In the event that the final loan amount is at least 90% of the AUTHORIZED LOAN AMOUNT, the STATE shall apply the remaining loan funds to reduce the final loan amount and the annual loan payment shall remain the same. If the final loan amount is less than 90% AUTHORIZED LOAN AMOUNT, the State may apply those funds to reduce the final loan amount with the BORROWER'S consent, or the STATE and the BORROWER shall execute an amendment which will establish the final loan amount and amend or replace the loan documents that reflect the final loan amount, including the Promissory Note, the Security Agreement and the Deed of Trust. b. Interest During Construction. As the loan funds are disbursed by the STATE to the BORROWER during PROJECT completion, interest shall accrue at the rate of 4.15% per annum on the first $1,202,000 disbursed and at the rate of 4% per annum on the remaining $1,155,000 disbursed. The STATE shall calculate the amount of the interest accrued during PROJECT completion and shall bill the BORROWER upon completion of the PROJECT. The BORROWER shall pay the interest during construction within ten (10) days after receipt of said bill. c. Paragraph A.11, Collateral, shall be amended to read as follows: 11. Collateral. Part of the security provided for this loan, as evidenced by the executed amended deed of trust attached as Attachment 3 and incorporated herein, shall be an undivided one hundred percent interest in the following, hereinafter referred to as Security: (1) the diversion structure of the Poudre Valley Canal on the Poudre River, (2) Cobb Lake, (3) Annex No.8, (4) Elder Reservoir, and (5) Windsor Reservoir No.8, all more particularly described on the attached amended deed of trust." d. Paragraph A.15.b shall be amended to read as follows: Establish Security Interest. The BORROWER agrees that, in order to provide a security interest for the STATE in the pledged property so that the STATE shall have priority over all other competing claims for said property, it shall execute a Security Agreement, attached hereto as Attachment 4 and incorporated herein. The STATE shall perfect its security interest in the BORROWER'S right to receive assessment revenues by filing a UCC-1 Form with the Colorado Secretary of State. e. Special Provisions are amended by the addition of the following: 11. Pursuant to CRS 24-30-202.4 (as amended), the state controller may withhold debts owed to state agencies under the vendor offset intercept The Windsor Reservoir and Canal Company Page 3 of 4 Amendment No.1