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<br />8. Because no additional obligations were created by the issuance of the 1995 Bonds, which <br />will have a first lien on the CONTRACTOR'S revenues on a parity equal'to the 1987 Bonds, and <br />because the issuance of the 1995 Bonds will result in debt service savings to the CONTRACTOR, the <br />STATE has agreed to amend the ORIGINAL CONTRACT to acknowledge the issuance of the 1995 <br />Bonds. <br /> <br />NOW THEREFORE, the parties hereby agree that <br /> <br />1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments <br />which shall be made pursuant to this Amendment and ORIGINAL CONTRACT and the promises and <br />agreements herein set forth. <br /> <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, are <br />to apply to this Amendment as though they were expressly rewritten, 'incorporated, and included <br />herein. <br /> <br />3. It is agreed the ORIGINAL CONTRACT is and shall be modified, altered, and changed in the <br />following respects only: <br /> <br />a. Recital 11 shall be amended to read as follows: <br /> <br />Both the STATE and the BORROWER recognize and understand that the revenues of the <br />BORROWER are subject to pay its Water Revenue Refunding Bonds, Series 1987 and <br />Series 1995, and a previous CWCB loan (Loan Contract #C153670 dated March 17, <br />19941; and <br /> <br />b. Paragraph A.11 shall be amended by the addition of the following sentence: <br /> <br />Both the STATE and the BORROWER recognize and understand that the revenues of the <br />BORROWER are subject to pay its Water Revenue Refunding Bonds, Series 1987 and <br />Series 1995, and a previous CWCB loan; and <br /> <br />c. Paragraph A.13.a. shall be amended to read as follows: <br /> <br />Pledge of sufficient revenues. The BORROWER hereby pledges sufficient annual <br />revenues to pay the annual installment amount subject only to the pledge of funds for <br />repayment of the BORROWER'S Water Revenue Refunding Bonds, Series 1987 and <br />Series 1995, and of a previous CWCB loan (Loan Contract #C153670 dated March 17, <br />19941. <br /> <br />4. The effective date of this Amendment is the date first written above. <br /> <br />5. Except for the SPECIAL PROVISIONS, in the event of any conflict, inconsistency, variance, or <br />contradiction between the provisions of this Amendment and any of the provisions of the ORIGINAL <br />CONTRACT, the provisions of this Amendment shall in all respects supersede, govern, and control. <br />The SPECIAL PROVISIONS shall always be controlling over other provisions in the contract or <br />amendments. The representations in the SPECIAL PROVISIONS concerning the absence of bribery or <br />corrupt influences and personal interest of STATE employees are presently reaffirmed. <br /> <br />Ute Water Conservancy District & <br />Ute Water Activity Enterprise <br /> <br />Page 2 of 3 <br /> <br />Contract Amendment # 1 <br />