C150087 Contract

• Contract/PO #: C150087
• Contractor Name: Cedar Mesa Ditch and Reservoir Company
• Contract Type: Loan
• Water District: 40
• County: Delta
• Bill Number: SPL
• Loan Projects - Doc Type: Contract Documents

BORROWER: CEDAR MESA DITCH H�
RESERVOIR COMPANY
Contract No. C150087�
Original Loan Amount $100,000
Increase: $50,000
Adjusted Loan Amount $150,000
Agency Name: Water Conservation Board
Agency Number PDA
Routing Number: 03 PDA �90a Cv �P
LOAN CONTRACT AMENDMENT NO. 1
This Amendment, made this February 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 Cedar Mesa Ditch and F2eservoir Company, a
Colorado nonprofit corporation, (" BORROWER ").
FACTUAL RECI�ALS
A. Authority exists in the law, and funds have been budgeted, appropriated, and
otherwise made available for payment in Contract Encumbrance Number
C150087f�,
B. Required approval, clearance, and coordination have been accomplished from and
with appropriate agencies.
C. The CWCB and the BORROWER entered into Contract Encumbrance Number
C150087,�}� dated May 1, 2002, (" ORIGINAL CONTRACT incorporated herein by
reference, wherein the CWCB agreed to loan money in the 4otal amount up to
$100,000, and the BoRROweR agreed to repay the loan in accordance with the
terms of the ORtciNa� CoNTr�cT.
D. During construction of the Project, the BoRROweR encountered costs overruns
during design and construction of the Project not anticipated in the original
Project cost estimate. These items increased the cost of the Project by $66,200.
To meet the increased costs, the BoRROweR requested an additional $50,000,
for a total toan amount of $150,000.
E. Senate Biil 00-173, Section 2, Paragraph 2 provides that the CWCB may
increase authorized loan amounts 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 pfan for a project cfue 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 November 2002 meeting, the CWCB approved increasing this loan by
$50,000, for a total loan amount of up to $150,000, to finance up to 76% of the
total Project cost. The terms for the additional $50,000 loan amount are an interest
rate of 2.75% per annum and a repayment period of 30 years.
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