Laserfiche WebLink
<br />r <br /> <br />AGENCY NAME: Water Conservation Board <br /> <br />AGENCY NUMBER: PDA <br />RDUTING NUMBER: f\ { 0 (, ( <br /> <br />CON T RAe TAM END MEN T No.3 <br /> <br />THIS AMENDMENT, made this 'ZleT day Df ~ 1998, by and between the <br />State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water <br />Conservation Soard (CWCS), hereinafter referred to as the STATE, and Overland Ditch and Reservoir <br />Company, 1321 2900 Road, Hotchkiss, Colorado 81419, hereinafter referred to as the CONTRACTOR. <br /> <br />FACTUAL RECITALS <br /> <br />1. 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 4008, Contract Encumbrance Number C153307; and <br /> <br />2. Required approval, clearance, and coordination has been accomplished from and with appropriate <br />agencies; and <br /> <br />3, The STATE and the CONTRACTOR entered into II contract dated July 1,1979, Contract Encumbrance <br />Number C153307, as amended on July 1, 1983, and on June 27, 1996, hereinafter referred to as <br />ORIGINAL CONTRACT, incorporated herein by reference, wherein the STATE agreed to loan money in <br />the total amount of $850,000, and the CONTRACTOR agreed to repay the loan in accordance with the <br />terms of the ORIGINAL CONTRACT. <br /> <br />4. Section 37-60-120 (3), C.R.S. (1997) authorizeS the STATE to defer an annual loan payment if, in the <br />STATE'S opinion, the entity requesting such deferment demonstrates that it has encountered <br />significant and unexpected financial difficulties and that it has been duly diligent in it efforts to comply <br />with the repayment provisions of its contract with the STATE. <br /> <br />5. The CONTRACTOR submitted a letter dated September 13, 1996, which describes the economic <br />losses suffered by the CONTRACTOR and its shllreholders during 1996 due to dry conditions and due <br />to by-pass requirements imposed by the United States Forest Service. Said letter requested that <br />the December 1996 loan payment in the amount of $31,076 be deferred for one year. <br /> <br />6. The STATE has reviewed the situation described by the CONTRACTOR and is satisfied that <br />CONTRACTOR encountered significant and unexpected financial difficulties as a result of the dry year <br />and bypass flow requirements, and that it has been duly diligent in its efforts to comply with the <br />repayment provisions of the ORIGINAL CONTRACT. <br /> <br />7. At its November 25-26, 1996, meeting, the CWCS approved deferment of the 1996 payment for one <br />year, thus extending the time for repayment under the terms of the ORIGINAL CONTRACT by one (1) <br />year, pursuant to ~ 37-60-120(3), C.R.S, <br /> <br />8. The CONTRACTOR submitted a letter dated March 14, 1997, which describes the economic difficulties <br />suffered by the CONTRACTOR and its shareholders during 1996 due to legal expenses associated <br />with by-pass requirements imposed by the United States Forest Service. Said letter requested <br /> <br />\,~:\\ <br />.. ~ 1\ <br /> <br />Overland Ditch & Reservoir Co. <br /> <br />Page 1 of 3 <br /> <br />Contract Amendment No.3 <br />