PROJC01276

• Contract/PO #: C153517
• Contractor Name: Lone Cabin Ditch and Reservoir Company
• Contract Type: Loan
• Water District: 40
• County: Delta
• Bill Number: SB 87-15
• Loan Projects - Doc Type: Contract Documents

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AGENCY NAME Water Conservation Board

AGENCY NUMBER PDA
ROUTING NUMBER 0 f Or', I

CON T R ACT A MEN D MEN T #2

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THIS AMENDMENT, made this:ii dayo _..,1), '''~, byand between the state
of Colorado for the use and benefit of the Department of Natural Resources, Colorado.
Water Conservation Board (CWCB), hereinafter referred to as the STATE, and LONE CABIN
DITCH & RESERVOIR COMPANY, 4236 N ROAD, PAONIA, COLORADO 81428, hereinafter
referred to as the CONTRACTOR.

RECITALS

1. 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 , Contract
Encumbrance Number C153517; and

2. Required approval, clearance, and coordination has been accomplished from
and with appropriate agencies; and

3. The STATE and the CONTRACTOR entered Into a contract dated July 13,1988, and
contract amendment dated June 28, 1989, Contract Encumbrance Number C153517,
hereinafter referred to as ORIGINAL CONTRACT, incorporated herein by reference, wherein
the STATE agreed to loan money in the total amended amount of 592,700, and the
CONTRACTOR agreed to repay the loan in accordance with the terms of the ORIGINAL CONTRACT;
and

4. The CONTRACTOR has submitted a letter dated January 6, 1994, attached hereto
as APPENDIX A, requesting that their loan contract #C153517 be refinanced at a lower
interest rate and longer term due to unforeseen circumstances as described in said letter;
and

5. The Board is satisfied that the CONTRACTOR has encountered significant and
unexpected financial difficulties and that it has been duly diligent in its efforts to comply
with the repayment provisions of its contract; and

6. At its January 19, 1994, meeting, the Board approved refinancing the unpaid
balance of the existing loan at an interest rate of three percent (3%), with the term to
be thirty-seven (37) years, the remainder of the original term, and approved a one-year
deferment of repayment of this loan; and

7. At its November 7, 1995 meeting, the Board authorized its staff to request
legislative approval from the General Assembly for reducing the interest rate on the
Contractor's remaining loan balance from 5% to 3%, and approved an additional six
month deferment of repayment of this loan.

LONE CABIN DITCH & RESERVOIR CO.

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CONTRACT AMENDMENT #2